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CARREFOUR

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Spinoff of Brazil retailer GPA's wholesale unit boosts combined company's market cap by 10%

03/01/2021 | 11:40am EDT
FILE PHOTO: An Assai store pictured in Brazil

SAO PAULO (Reuters) - Brazilian food retailer GPA SA's spinoff and Monday listing of its Assai wholesale unit has boosted the combined company's market capitalization by 10%, highlighting the importance of the format to the company's overall growth.

Assai debuted on Brazil's stock exchange at 73 reais per share, and with a market capitalization of 19.6 billion reais ($3.51 billion). The unit was spun off on Friday and was listed separately on Brazil's B3 exchange on Monday.

As the first quote for reference in the listing was the unit's book value, Assai stock opened up almost 400%.

Former parent GPA's shares were down 72% at 18.75 reais, and the company's market value dropped from 22.3 billion reais on Friday to 5 billion reais, as investors attributed most of the value to the wholesale unit.

Brazilian shoppers have embraced wholesale format stores in general given the relative value and range of products they offer, a trend that has also benefited rival Carrefour Brasil's Atacadao brand.

The combined value of Assai and GPA, controlled by France's Casino Guichard Perrachon, rose 10% to 24.6 billion reais on Monday from 22.3 billion reais on Friday.

According to traders, the wild swings in share prices in the first trading day happened because the reference used for Assai was book value. There was no bookbuilding for the listing of the unit.

($1 = 5.5823 reais)

(Reporting by Tatiana Bautzer and Paula Laier in Sao Paulo; Editing by Matthew Lewis)

By Tatiana Bautzer and Paula Laier


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ATACADÃO S.A. -0.22% 22.6 End-of-day quote.16.55%
CARREFOUR 0.41% 17.195 Real-time Quote.22.56%
CASINO, GUICHARD-PERRACHON -1.96% 27.49 Real-time Quote.9.13%
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 1.11% 39.09 End-of-day quote.-47.91%
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Financials
Sales 2021 71 385 M 86 502 M 86 502 M
Net income 2021 1 042 M 1 263 M 1 263 M
Net Debt 2021 7 140 M 8 653 M 8 653 M
P/E ratio 2021 13,6x
Yield 2021 3,16%
Capitalization 13 896 M 16 850 M 16 839 M
EV / Sales 2021 0,29x
EV / Sales 2022 0,27x
Nbr of Employees 278 511
Free-Float 75,0%
Chart CARREFOUR
Duration : Period :
Carrefour Technical Analysis Chart | CA | FR0000120172 | MarketScreener
Technical analysis trends CARREFOUR
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 18
Average target price 19,13 €
Last Close Price 17,20 €
Spread / Highest target 22,1%
Spread / Average Target 11,2%
Spread / Lowest Target -4,04%
EPS Revisions
Managers and Directors
NameTitle
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Miguel ┴ngel Gonzßlez Gisbert Global Chief Technology Officer
Charles Edelstenne Independent Director
Mathilde Lemoine Independent Director
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