Carrefour

CA: XPAR (FRA)
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Carrefour Earnings: Unsurprising Results to Close Out the Year

We maintain our EUR 17 per share fair value estimate for no-moat Carrefour, after the firm reported fourth-quarter and full-year 2024 results in line with our estimates. Carrefour has made progress toward its strategic 2026 objectives through pricing and cost-saving actions; however, we are wary of the sluggish environment in Europe. 2025 guidance remained vague, with the firm aiming to increase organic growth and initiate a new EUR 1.2 billion cost-savings plan.

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