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Carrefour: Oddo remains a buyer after Casino rumour

( - On Monday, an analyst at Oddo BHF confirms a "buy" rating on the Carrefour share, believing, after the rumors about what a project concerning Casino or a bid for it, that such a merger would represent an attractive scenario, provided that the "planets are aligned".

Carrefour has denied the rumours (...). The group remains, in the broker's opinion, the only one that is able to launch a global offer on Casino; Auchan appears to have less leeway, given financial constraints, the broker says.

Based on an overall deal, Oddo calculates that a Carrefour/Casino merger could generate 1.06 billion euros in gross synergies (1% of sales) and 750 million euros of net synergies (0.7% of sales). The transaction would be accretive, with expected EPS growth of 18% in the event of a merger (on current prices) and 50% (e) in the event of a takeover bid, Oddo BHF anticipates, with the broker confirming its target price of 20 euros for the Carrefour share.

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