Carrefour

CA: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carrefour: Pockets of Encouraging Sales Growth Momentum Seen

Verushka Shetty

Apr 24, 2025

We maintain our EUR 17 per share fair value estimate for no-moat Carrefour after the firm reported its first-quarter trading update in line with our estimates. Management confirmed its targets, which remained vague, involving slight growth in EBITDA, recurring operating income, and net free cash flow. We expect the firm can improve its bottom line through pricing and cost-saving actions; however, we remain wary of the uncertain environment in Europe.

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Carrefour

Carrefour: Pockets of Encouraging Sales Growth Momentum Seen

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