Casino Guichard-Perrachon et Cie. S.A.

Casino Guichard-Perrachon is a food retailer based in France. Co. operates hypermarkets, supermarkets, discount stores, convenience stores and cafeterias. Co.'s stores are discount stores selling groceries and consumer goods, and providing services like financial and insurance services, real estate, and restaurants. Co. operates hypermarkets under the brand Geant Casino; urban and rural supermarkets under the brand Casino Supermarches; city-centre supermarkets under the brand Monoprix; convenience/national superettes under the brands Petit Casino, Vival and Spar; covenience-paris area stores under the brand Marche Franprix; and discount stores under the brand Leader Price.
  • TickerCO
  • ISINFR0000125585
  • ExchangeEuronext Paris
  • SectorFood & Drug Retailers
  • CountryFrance

Analysts

Casino 2015

​Geol analyses are ESG (Environment, Social, Governance) analyses covering European large caps and small and mid caps, listed or non-listed. Those analyses, based on the ESG risks identified, show the qualitative and quantitative performance of issuers, in a ten-page synthesis.

Adam Kindreich, CFA

Casino benefits from its high emerging-market and small-store exposures.

We are initiating coverage of French food retailers Carrefour and Casino Guichard-Perrachon, and we establish fair value estimates of EUR 23.50 and EUR 47, respectively, providing upside potential of just 1% and 9%. Though neither stock has good upside potential, we prefer Casino. We assign no-moat and high uncertainty ratings to both companies. Both companies are international, but Casino is more focused than Carrefour because its European presence is limited to France and its international pre...

Adam Kindreich, CFA

Casino Guichard-Perrachon's Third-Quarter Sales Disappointing in France but Strong in Latin America

No-moat rated Casino reported mixed third-quarter sales, with France (46% of sales) disappointing but offset by strong growth in Latin America (remaining 54% of sales) driven by high inflation. We are not making any changes to our earnings forecasts or our EUR 47 fair value estimate. The no-moat and stable moat trend ratings are also unchanged. French sales disappointed as like-for-like sales growth was negative 0.6%, well below the recent trend but this was compared with a strong third quarter ...

Valérie GASTALDY

Analyse moyen terme - CASINO : Tête-épaules inversée

Lors de notre dernière analyse moyen terme (24/05/2016), nous avions opté pour un avis haussier. Nous restons haussier avec un objectif à 53,94 € et un niveau d'invalidation à 41,25 €. La tendance est maintenant retournée à la hausse. Arguments : - Le pull-back sur la ligne de...

Valérie GASTALDY

Medium term view - CASINO : Reversed head-and-shoulders

In our previous medium term analysis (24/05/2016), we were bullish. We remain bullish with a target at 53,94 € and an invalidation level at 41,25 €. The trend has reversed to the upside. Arguments : - Prices have pulled back to the reversed head-and-shoulders neckline, they can...

Clement Genelot

CASINO GUICHARD GreenYellow to undertake a EUR150m capital increase

GreenYellow to undertake a EUR150m capital increase GreenYellow to undertake a EUR150m capital increase with two funds Operation reducing Casino's need for financing Also waiting for the disposal of Viavarejo!

Anthony Giret

CASINO GUICHARD- Rating Report

Casino, Guichard - Perrachon & Cie S.A. is the holding company of French food retailer Casino Group (‘Casino’), founded in 1898. It is listed on the Paris stock exchange, with a market capitalization of €3.7bn. In 2017, Casino reported sales and EBITDA of €37.8bn and €1.9bn, respectively.Casino is the fourth-largest food retailer in France with a market share of 11.5%, behind Leclerc (c. 21.2%), Carrefour (20.4%), and Les Mousquetaires - Intermarché (14.5%). The reporting segment “France Retail” includes the banners of Géant Casino (hypermarkets), Casino Supermarkets, Monoprix, Franprix, Leade...

Casino : Casino, année zéro

>Rallye est placé en procédure de sauvegarde - Rallye (actionnaire de Casino à 51.7%) et ses holdings ont annoncé l’ouverture de procédures de sauvegarde pour une période de 6 mois. L’objectif est de leur apporter un environnement stabilisé pour consolider leur situation financière alors que le groupe faisait l’objet d’attaques spéculatives massives et persistantes. Casino n’est pas concerné par ces procédures. Rallye reste l’actionnaire majoritaire (nantissements no...

Casino : Casino, Year Zero

>Rallye obtained the opening of safeguard proceedings - Rallye (Casino’s first shareholder with à 51.7% stake) and its parents companies Foncière Euris, Finatis and Euris, obtained the opening of safeguard for a six months period. The aim is to provide a stable environment to reschedule the debt, following the persistent and massive speculative attacks against the group's securities. Casino is not concerned by these proceedings. The group remained controlled by Rallye...

Adam Kindreich, CFA

Casino benefits from its high emerging-market and small-store exposures.

We are initiating coverage of French food retailers Carrefour and Casino Guichard-Perrachon, and we establish fair value estimates of EUR 23.50 and EUR 47, respectively, providing upside potential of just 1% and 9%. Though neither stock has good upside potential, we prefer Casino. We assign no-moat and high uncertainty ratings to both companies. Both companies are international, but Casino is more focused than Carrefour because its European presence is limited to France and its international pre...

Adam Kindreich, CFA

Casino Guichard-Perrachon's Third-Quarter Sales Disappointing in France but Strong in Latin America

No-moat rated Casino reported mixed third-quarter sales, with France (46% of sales) disappointing but offset by strong growth in Latin America (remaining 54% of sales) driven by high inflation. We are not making any changes to our earnings forecasts or our EUR 47 fair value estimate. The no-moat and stable moat trend ratings are also unchanged. French sales disappointed as like-for-like sales growth was negative 0.6%, well below the recent trend but this was compared with a strong third quarter ...

Christian Guyot ...
  • Peter Farren

L’inversion de résultats : c’est maintenant… - NEUTRE - OC 46€

Nous initions la couverture avec un objectif de cours de 46€ une recommandation à NEUTRE. Restructuré financièrement, CASINO doit enfin retrouver le chemin de la croissance bénéficiaire en 2017. Cela devient impératif après 2 nouvelles années de contre-performances majeures, sur fond de crise des émergents, et surcoût des fondations posées pour faire repartir la croissance de la France dans un environnement adverse. Joué en bourse il y a peu sur un profil de croissance rentable à l’international, CASINO est aujourd’hui mis en avant pour la même thématique… mais en France cette fois. Des différ...

Christian Guyot ...
  • Peter Farren

La recovery des résultats 2016/2017 en marche ? - NEUTRE - OC 47€

Ce n’est pas encore la valse des étiquettes sur le marché français de la Grande Distribution, loin s’en faut, tant la déprime s’est installée dans l’ambiance de consommation générale, mais c’est toujours la valse des prévisions chez Casino… Combien de fois avons-nous revisité à la hausse comme à la baisse nos prévisions sur 2016 ? Difficile à dire tant l’exercice a été un peu trop répétitif à notre goût. Il est vrai que Casino reste impliqué dans un processus de conversion/restructuration où le corporate est roi. Et l’année 2016 s’est achevée comme elle avait commencé avec de nouvelles cession...

Adam Kindreich, CFA

Casino's Fourth-Quarter 2016 Sales Boosted by E-Commerce; Latin America In Line and France Weaker

No-moat Casino reported stronger-than-expected fourth-quarter sales, leading to full-year organic sales growth of 5.7%, some 2% ahead of our expectations. The gap was due to continuing growth in e-commerce (5% of group sales), which we expected to come under severe pressure because of economic weakness in Brazil, where around half of this business is situated. While the profit implications of this should be marginal, with e-commerce expected to turn in another huge trading loss in 2016, Casino d...

Bruno Cavalier ...
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/10/2018

...

Christophe Chaput ...
  • Emmanuel Matot
  • Hela Zarrouk
  • Laurence Hofmann

ODDO BHF Small & MIDCAP MORNING NEWS - 08/10/2018

...

Bruno Cavalier ...
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/08/2018

...

Christophe Chaput ...
  • Emmanuel Matot
  • Hela Zarrouk
  • Laurence Hofmann

ODDO BHF Small & MIDCAP MORNING NEWS - 10/08/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Jean Sassus
  • Laure Billoret
  • Matthias Desmarais
  • Steven Gould
  • Valentin Pernet
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/10/2018

...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

With a more favourable environment, CASINO GUICHARD-P improves to Slightly Positive

CASINO GUICHARD-P (FR), a company active in the Food Retailers & Wholesalers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 43.90 and its potential was estimated at EUR 46.10.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Casino announces disposal programme

Casino (COFP) last night announced an asset disposal programme with an estimated size of €1.5bn, including real estate assets. Casino noted that its directly owned real estate portfolio was valued at €3.9bn at as of 31 December 2017. Half of the disposals are expected to be completed in 2018 with the remainder scheduled for 2019. The new programme will come on top of the ongoing sale of Via Varejo. The disposals are aimed at accelerating debt reduction in France and continuing the business model transformation.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/EDF: split-up scenario resurgence

Nicolas Hulot, French Energy minister, commented on EDF SA (EDF)'s Hinkley Point project costs and the economical sustainability of nuclear energy in the future. The Energy minister, who has been pushing for more renewable energy development in the country, has indirectly criticized EDF's management for a lack of business model adaptation. With constant falling costs, renewable energy offers better opportunities than nuclear power according to Nicolas Hulot. Equity investors saw the resurgence of a potential split up scenario for EDF SA and sent the equity share price up by 5% yesterday. If eq...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Strategy, RBS, Deutsche Bank, Telenor, Telia, Enagas and Casino

The purchases in recent weeks by CSPP, are, in our opinion, once again a positive driver for credit spreads. After the bumper week of €2.3bn (almost exclusively secondary) a few weeks ago there was another €792m purchased by CSPP last week, the ISIN list shows they purchased both the upping of IGYGY0.75 22 and the new issue of FMEGR1.5 25 and presuming a standard allocation of 15% primary totalled only €120m, meaning over €670m was purchased in secondary markets.

ING
Job Veenendaal

Casino Guichard-Perrachon/Second quarter shows improvement

Casino reported a solid set of sales results this morning. Banners in France all recorded a positive same-store performance ahead of consensus with foot traffic increasing for several formats. The operations in Latin America benefitted from a recovery in Brazil, although a hefty currency headwind weighed on reported growth. We view the results as a positive driver for spreads.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Coca-Cola, Casino, Eandis and Innogy

Casino Guichard-Perrachon (COFP) was downgraded to BB this morning at S&P, which retains the negative outlook. S&P said that Casino's leverage remained high over the past two years, while the group's financial flexibility is hampered by event risk and near-term debt maturities at parent Rallye (RALFP). Casino's rating is linked to that of the overall group, but Casino is rated in line with its stand-alone credit profile, which is higher due to Casino being partly insulated from a credit point of view, according to S&P. (For full story, please download report)

MarketLine Department

Cencosud SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Cencosud SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Cencosud SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights ...

MarketLine Department

Carrefour SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Carrefour SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Carrefour SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

Clement Genelot

Retail & E.commerce | E-commerce: the Necessary Evil of Food

SECTOR | Retail & E.commerce | E-commerce: the Necessary Evil of Food Food retailing is becoming increasingly permeable to e-commerce and competition is watching over city centres. Consumers, used to the standards of e-commerce giants, are now demanding more convenience even in their food shopping. Retailers cover rural areas well with drives, but the challenge of food e-commerce lies in urban areas. A redesign of their offer is necessary if they want to preserve their positions in city centres.

Clement Genelot

Retail & E-commerce | E-commerce: le mal nécessaire de l’alimentaire

SECTOR | Retail & E-commerce | E-commerce: le mal nécessaire de l’alimentaire La distribution alimentaire devient de plus en plus perméable au e-commerce et la concurrence lorgne sur les centres-villes. Les consommateurs, habitués aux standards des géants du e-commerce, réclament désormais davantage de praticité même dans leurs courses alimentaires. Les distributeurs couvrent les zones rurales grâce aux drives mais l’enjeu du e-commerce alimentaire réside dans les zones urbaines. Une refonte de leur offre est nécessaire s’ils veulent préserver leurs positions en centre-ville.

Clement Genelot

Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match!

SECTOR | Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match! Carrefour and Casino's interests can converge in Latin America. Casino’s ongoing reorganization of its Latam entities will transform GPA and Exito into two more liquid assets by end-2019. Although not confirmed by Casino, the next natural step from 2020 would be to sell both Exito (EUR3.0bn e EV), with little interest from Carrefour, and then GPA (EUR7.7bn e EV), with greater interest from Carrefour.

Casino 2015

​Geol analyses are ESG (Environment, Social, Governance) analyses covering European large caps and small and mid caps, listed or non-listed. Those analyses, based on the ESG risks identified, show the qualitative and quantitative performance of issuers, in a ten-page synthesis.

Charles Pinel

Etude de l'AG du 05/05/2017

La société propose trois résolutions pour approuver les conventions réglementées conclues au cours de l'exercice, ce qui permet un vote distinct, appréciable pour les actionnaires, mais ne soumet pas les anciennes conventions qui continuent de produire leurs effets, ce qui est regrettable (résolutions 4 à 6). Parmi elles figure la convention passée avec Euris dont la rémunération augmente sensiblement (+8,3%).Deux résolutions permettent de se pencher sur la rémunération de Jean-Charles Naouri. Bien que les montants et la structure de sa rémunération soient acceptables, le problème du manque d'...

Charles Pinel

Etude de l'AG du 05/05/2017

As consequence of the report disclosed by Muddy Waters at the end of 2015 which raised concerns regarding Casino’s indebtedness, the group’s rating was downgraded by S&P prompting it to launch a €4 billion balance sheet de-leveraging strategy financed by asset disposals.The net debt of Casino decreased significantly. However, the net results amounts to €2,679 due to asset sales but the underlying net profit from continuing operations amounts to only €341 M and does not cover the dividend (€346 M). Therefore, as usual, the proposdividend can be used to cover the main shareholders’ debt payments...

Proxy Report - 15/05/2018

Fin 2015, le fonds activiste Muddy Waters publiait un rapport rendant compte de la surévaluation du Groupe, à la suite de quoi Casino se justifiait en exposant un plan de désendettement long-terme (à hauteur de 2 Mds€) et un positionnement international solide dans l’industrie alimentaire. Aujourd’hui, le Groupe continue sa stratégie d’internationalisation et envisage même de s’associer à Auchan dans l’optique d’un partenariat mondial. Cette année, la dette financière est de 4 126 M€, en augmentation de 23% par rapport à l’exercice précédent. Par ailleurs, au premier trimestre 2018, le chiffr...

Proxy Report - 15/05/2018

A damning report released at the end of 2015 by famed New York short-seller Muddy Waters accused Groupe Casino of falsely inflating its EBITDA partially through transactions with its real-estate affiliate Mercialys. As its shares reacted negatively to the report, the Company swiftly reacted by denying the allegations levelled against it and announced a long-term de-leveraging strategy (with a planned €2 billion debt reduction) coupled with an international diversification plan in the food sector (ex: consolidation of its South American subsidiaries; sale of its South East Asia subsidiary). The...

Valérie GASTALDY

Analyse moyen terme - CASINO : Tête-épaules inversée

Lors de notre dernière analyse moyen terme (24/05/2016), nous avions opté pour un avis haussier. Nous restons haussier avec un objectif à 53,94 € et un niveau d'invalidation à 41,25 €. La tendance est maintenant retournée à la hausse. Arguments : - Le pull-back sur la ligne de...

Valérie GASTALDY

Medium term view - CASINO : Reversed head-and-shoulders

In our previous medium term analysis (24/05/2016), we were bullish. We remain bullish with a target at 53,94 € and an invalidation level at 41,25 €. The trend has reversed to the upside. Arguments : - Prices have pulled back to the reversed head-and-shoulders neckline, they can...

Matthieu DRIOL

Short term view - CASINO : The major resistance has been reached, it causes the fall.

In our previous short term analysis (11/11/2016), we were neutral. We remain neutral. We do not have elements to anticipate the end of the consolidation. Arguments : - The major resistance has been reached, it causes the fall.

Matthieu DRIOL

Analyse court terme - CASINO : La résistance majeure est atteinte, elle cause le repli.

Lors de notre dernière analyse court terme (11/11/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous n'avons pas d'éléments qui nous permettent d'anticiper la fin de la consolidation. Arguments : - La résistance majeure est atteinte, elle cause le repli.

Laurent ALBIE

Analyse moyen terme - CASINO : Le support majeur est atteint, il cause le rebond.

La tendance est toujours neutre. Il faut franchir le sommet à 53,944 € pour que la tendance devienne positive avec une invalidation sous 41,250 €.Arguments :- Le support majeur est atteint, il cause le rebond.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch