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EFTA Document EFTA01385507
Title Matchefta-efta01385507
Case Filesd-10-EFTA01385507Dept. of JusticeEFTA Document EFTA01385507
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Case File
sd-10-EFTA01385507Dept. of JusticeEFTA Document EFTA01385507
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> Consumer Deutsche Bank Carrefour - Maxime Mallet, SELL, close €18.3, €15 tgt, 18% downside ■ We believe 2018 consensus is at risk. We are 13% below consensus 18E EPS (and 15% below 19E consensus). ■ Carrefour needs to invest given competitive pressures in France. Hypers (52% of French sales) suffers from a 5% price gap vs. Leclerc and underexposure to online grocery (with only 8% market share). ■ November's Kantar data showed a market share loss of 60bps to 20.5%. - This is not confin
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Dept. of Justice
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sd-10-EFTA01385507
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