Carrefour

Every so often a business gets so thoroughly written off that the market stops valuing it as a business at all.

Carrefour — Europe’s largest food retailer, 15,400+ stores across more than 40 countries, €91.5 billion of annual sales — carries a market capitalization of roughly €11.1 billion. That’s about 0.12x sales. Tesco trades near 0.5x. Walmart trades near 1x.

Now the part that should stop you. Carrefour's directly-owned property in France, Spain and Brazil was independently appraised at €14.2 billion at year-end 2025 — by CBRE, JLL, Colliers and EY, four separate firms. That is roughly 128% of what the entire company is worth on the stock exchange. And it excludes Carrefour's 29.8% stake in Carmila, the listed REIT holding the shopping centres attached to those same hypermarkets — worth another ~€715 million at market prices.