>>> Carrefour - Stock has massively underperformed - trading better since investor day
* CA Underperf EurosToxx 50 by 14% YTD & 23.5% on 1y, at the same time SXRP Underperf. only 5% & 13%,
* French env. for Food Retail has been tought recently but end of uncertainties with the election we can hope some better momentum and some quick measures to boost consumption.
* Carrefour look confident situation will improve during the year.
* Macron scenario is smal positive but should help the sentiment...even if biggest part of the move has been played after the 1st round of the election.
* Stock trading more than 8% below its average 3y PE, 12.95 vs 14.2
* Chart configuration - Stock look to have bottomed and rebound on long support and find resistanceon its 50d MA (+/- 21.80) if we break this level (need to close above the 21.85) we can quickly test the 200d MA (22.60) with a gap to fill (22.36/22.50), next resistance 23.07, 23.29, 23.75
* Consensus in the Street is still mixed some banks (UBS) still thinks Carrefour will be impact by margin pressure, few banks are more positive thinking that new models implemented by the group will drive some more growth, less depedance to hyper will help improve the sentiment (increase of eCommerce & new concept)
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