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    CA   FR0000120172

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


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ATACADÃO S.A. -1.17% 16.83 End-of-day quote.-13.20%
CARREFOUR -0.10% 15.26 Real-time Quote.8.77%
CASINO, GUICHARD-PERRACHON -0.88% 21.35 Real-time Quote.-15.24%
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO -4.54% 26.31 End-of-day quote.-64.94%
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Financials
Sales 2021 71 868 M 83 676 M 83 676 M
Net income 2021 1 074 M 1 251 M 1 251 M
Net Debt 2021 7 727 M 8 997 M 8 997 M
P/E ratio 2021 11,1x
Yield 2021 3,60%
Capitalization 11 840 M 13 772 M 13 786 M
EV / Sales 2021 0,27x
EV / Sales 2022 0,25x
Nbr of Employees 255 952
Free-Float 73,6%
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Carrefour Technical Analysis Chart | CA | FR0000120172 | MarketScreener
Technical analysis trends CARREFOUR
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TrendsNeutralNeutralNeutral
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 19
Last Close Price 15,26 €
Average target price 19,37 €
Spread / Average Target 26,9%
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Managers and Directors
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Miguel Ángel González Gisbert Global Chief Technology Officer
Charles Edelstenne Independent Director
Mathilde Lemoine Independent Director
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