rate of 35%. ■ Carrefour still trades at a 11% premium to peers at 16x 18E EPS. ■ Catalysts: strategic plan on January 23rd. Related DB Research: French Food Retail: A stronger November and a weaker Carrefour (Mallet) French profitability is falling 36,500 36,000 35.500 35.000 34.500 34,000 33.500 33.000