CARREFOUR (BUY, TP E32) FIRST LOOK AT FY EARNINGS IN LINE...
Carrefour reported underlying operating profit @ Eu2.24bn vs Oddo and consensus Eu2.2bn
Organic growth of EBIT is better at 9.8% vs. Oddo 7.9%. By region we note: FRANCE op profit out @ Eu1.2b and 3.4% op margin bang in line with our est. REST OF EUROPE : company outlines continuing recovery of Spain with strong improvement in the H2. Italy remains difficult.
LATAM is better +18.6% organic vs. Oddo +11.4% thanks to good perf in Brazil Net debt Eu203m and 2014 Capex target Eu2.4/2.5b is inline with our ests. Dividend is good at Eu0.62 (cons. Eu0.6)
-> In line release with good message on Spain and Brazil. More details after analyst meeting 9:30 paris time.