‘We think well-managed, large food retailers are better than average businesses,’ says Sean Peche, a top value investor who manages the Ranmore Global Equity fund, in which Carrefour is a top 10 holding.
‘They provide a vital service to society and generate attractive returns on capital and consistent cashflow because of their favourable working capital dynamics. Under the current management team, Carrefour has doubled cash from operations over the past five years [and trades on] eight times expected earnings.’
Read more in The Telegraph The world's best investors are snapping up shares in Carrefour – buy now at bargain prices (telegraph.co.uk)
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