Carrefour
Note: This is a daily stock update and the information stands true as of 12/02/25, 09:00 CET.
Company update:
Carrefour plans to take its Brazilian unit Atacadao private. Atacadao is the largest food distributor in Brazil, operating large-format stores (cash & carry, retail, and the Sam’s Club brand), and is currently listed on the Novo Mercado exchange.
The offered price is BRL7.7 in cash (a 20% premium on the last price and 32% over the last 20 trading days) or in shares (1 Carrefour share for 11 Atacadao shares).
The Diniz family (Peninsula) will tender its shares and receive Carrefour shares. This follows a report from Valor stating that the Diniz family was planning to divest from Carrefour.
Atacadao shares rose 10% yesterday but still trade at a PE of ~10x and EV/Sales of 0.2x for 2025. The deal would be earnings accretive for Carrefour from year one.
Expert opinion:
Carrefour remains a mystery to us. We don't understand why the stock trades at such a discount to European peers. This move sends a strong signal. Carrefour still old very strong market position in its core markerts, France & Brazil, and to a lesser extent in Spain and Italy.
A couple of years ago, the Moulin family allegedly rejected a EUR21 per share bid from Auchan. Before that, Couche-Tard has proposed around EUR20 per share. We have been dead wrong on the stock, but given our stubbornness, and the fact that it is even cheaper, we stick to our view. Trading at a 2025 PE of 5.4x and 4.8x for 206, the valuation looks absurd compared to peers.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
Company update:
Carrefour plans to take its Brazilian unit Atacadao private. Atacadao is the largest food distributor in Brazil, operating large-format stores (cash & carry, retail, and the Sam’s Club brand), and is currently listed on the Novo Mercado exchange.
The offered price is BRL7.7 in cash (a 20% premium on the last price and 32% over the last 20 trading days) or in shares (1 Carrefour share for 11 Atacadao shares).
The Diniz family (Peninsula) will tender its shares and receive Carrefour shares. This follows a report from Valor stating that the Diniz family was planning to divest from Carrefour.
Atacadao shares rose 10% yesterday but still trade at a PE of ~10x and EV/Sales of 0.2x for 2025. The deal would be earnings accretive for Carrefour from year one.
Expert opinion:
Carrefour remains a mystery to us. We don't understand why the stock trades at such a discount to European peers. This move sends a strong signal. Carrefour still old very strong market position in its core markerts, France & Brazil, and to a lesser extent in Spain and Italy.
A couple of years ago, the Moulin family allegedly rejected a EUR21 per share bid from Auchan. Before that, Couche-Tard has proposed around EUR20 per share. We have been dead wrong on the stock, but given our stubbornness, and the fact that it is even cheaper, we stick to our view. Trading at a 2025 PE of 5.4x and 4.8x for 206, the valuation looks absurd compared to peers.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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