Analysis of the European companies that are news: Carrefour and Klépierre

Analysis of the European companies are That news: Carrefour and Klépierre

Analysis Department of Bankinter offers analysis of the latest news on the European company:


  • Recommendation: Neutral
  • Close: 16.48 euros
  • daily variation: + 0.18%

Poor comparable sales growth (+ 0.4%) in the first quarter

The sales of Carrefour in the first quarter totaled 20,766 million euros , representing growth of 0.4% on a comparable basis and 2.6% excluding the currency effect.

  • The comparable sales in France (45.6% of the total) and the rest of Europe (26.6% of the total) were affected by adverse weather, which affected mainly non – food sales and hypermarkets and recorded a drop of 0.1% and 0.8% respectively.
  • In Asia comparable group sales (8.5% of the total) they fell by 3.9% excluding the impact of exchange rates .
  • Latin America (19.1% of sales) was the region with better performance in comparable sales (+ 4.5%). 


Very poor comparable sales growth , especially in Europe. A negative comparable sales growth, when GDP grows at a rate of 2.7% in the Economic and Monetary Union (last record in GDP in the fourth quarter 2017) and inflation is rising at rates of 1.2% demonstrates the problem business model group. Carrefour loses market share to e – commerce and large discount chains .

See quote / operate Carrefour shares in Bankinter


  • Close: 32.92 euros
  • daily variation: -0.12%

Hammerson rejects the improved takeover bid Klépierre

The new offer by Klépierre amounting to 635 pounds per share (50% stocks and 50% cash), has been rejected by Hammerson , despite an improvement of + 3.3% compared to the previous Klépierre offer amounting to 615 pounds per share, which already implied a premium of + 40% on the price of previous Hammerson to that first OPA.

Hammerson Council unanimously rejected the bid insufficient considering the price , but left the door open to discuss an offer that Klépierre “appropriately reflects the value of the company.”


The price of both companies fell yesterday after the refusal of Hammerson. Although the new offer also has the approval of the Council, we believe that there is a reasonable likelihood that such tender offer materializes at a slightly higher price , since Klépierre could count on the support of some investment funds Hammerson shareholders. These funds positively the offer launched by this company on Intu Properties for 3.400 million pounds (which for the moment has been suspended pending the outcome of the takeover bid Klépierre), as they understand that this transaction would create a company with a excessive exposure to the UK market for shopping centers, negatively affected by reduced consumption derived brexit and growth of online commerce.

The price of Hammerson has fallen -13% since the submission of the offer by Intu Properties on 6 December. Klepierre for the takeover of Hammerson may be necessary to compete with Unibail Rodamco , which recently agreed to buy Westfield by 22,000 million euros. The concentration process in the commercial property sector is due to the need to gain bargaining power with major retail chains and generate economies of scale in large shopping centers with a leisure offer that allows customers also attract e – commerce.





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