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

Clement Genelot

CASINO GUICHARD: Feedback from analysts meeting | BUY | EUR48 vs. EUR45

CASINO GUICHARD - BUY | EUR48 vs. EUR45 (+17%) Feedback from analysts meeting Towards a 3.7% underlying EBIT margin in France by 2021 France free cash-flow to cover just dividends & financial costs… …while disposals will be key to further deleverage in 2019-2020 Rallye’s issues remain but a positive surprise could occur in 2019

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 15/03/2019

...

Laurence Hofmann

Casino : € 1bn in additional disposals in 2019e, but Casino’s efforts may prove insufficient given the parent company’s financial challenges

>2018 operating profit in line, net profit 4% below expectations - Underlying EBIT (ex tax credits in Brazil) of € 1.098bn in 2018 (+8.2% in reported terms and +18% organic), slightly better than our forecast of € 1.07bn, thanks to Brazil.Underlying EBIT in France: € 579m (+8% reported) in line with our forecast of € 570m. Excluding real-estate gains (€ 61m vs € 82m in 2017), underlying EBIT for Retail France came in at € 518m (vs € 510me) +14% (margin +30bp at 2...

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...

Clement Genelot

CASINO GUICHARD: Feedback from analysts meeting | BUY | EUR48 vs. EUR45

CASINO GUICHARD - BUY | EUR48 vs. EUR45 (+17%) Feedback from analysts meeting Towards a 3.7% underlying EBIT margin in France by 2021 France free cash-flow to cover just dividends & financial costs… …while disposals will be key to further deleverage in 2019-2020 Rallye’s issues remain but a positive surprise could occur in 2019

Laurence Hofmann

Casino : € 1bn in additional disposals in 2019e, but Casino’s efforts may prove insufficient given the parent company’s financial challenges

>2018 operating profit in line, net profit 4% below expectations - Underlying EBIT (ex tax credits in Brazil) of € 1.098bn in 2018 (+8.2% in reported terms and +18% organic), slightly better than our forecast of € 1.07bn, thanks to Brazil.Underlying EBIT in France: € 579m (+8% reported) in line with our forecast of € 570m. Excluding real-estate gains (€ 61m vs € 82m in 2017), underlying EBIT for Retail France came in at € 518m (vs € 510me) +14% (margin +30bp at 2...

Laurence Hofmann

Casino : 1 Md€ de cessions supplémentaires sur 2019e, mais l’effort de la fille risque d’être insuffisant compte tenu des enjeux financiers de la mère

>Résultat opérationnel 2018 en ligne, RNpg 4% en dessous des attentes - EBIT courant (hors crédits d’impôts au Brésil) de 1 098 M€ en 2018 (+8.2% en déclaré et +18% en organique), légèrement au-dessus de nos attentes de 1 070 M€, en raison du Brésil.EBIT courant France : 579 M€ (+8% en déclaré) en ligne avec nos attentes de 570 M€. Hors gains immobiliers (61 M€ vs 82 M€ en 2017), l’EBIT courant du Retail France s’inscrit à 518 M€ (vs 510 M€e) +14% (marge +30 pb à...

Ioannis Pontikis

Casino Group Reports in Line 2018 Results With French FCF Guidance in the Spotlight; Shares Rich

Casino Group reported fiscal-year 2018 results with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth, as previously disclosed in the fourth-quarter sales report, in line with our expectations. On the contrary, group trading profit was EUR 1,209 million, slightly lower than our 1,223 million estimate. Management introduced guidance for the next three years of 10% EBIT growth for the French retail business, 20 basis points annual French retail EBITDA and EBIT margin expa...

Clement Genelot

CASINO GUICHARD: Engaging set of figures and guidance | BUY | EUR45

CASINO GUICHARD - BUY | EUR45(0%) Engaging set of figures and guidance 2018 EBIT above expectations Group and French net debts are finally down Rather engaging 2019-2021 outlook at first sight Optimism wins prior to the analysts meeting

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 15/03/2019

...

Christophe-Raphaël Ganet ...
  • Laurence Hofmann

ODDO BHF Small & MIDCAP MORNING NEWS - 01/21/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/21/2019

...

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 March 1, 2019, the closing price was EUR 47.40 and its potential was estimated at EUR 50.17.

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...

ING
Job Veenendaal

Casino Guichard-Perrachon/All that glitters is not gold/CHALLENGED

Casino reported FY18 results that looked encouraging. The group delivered on its targets and presented a new strategic plan, which addresses profitability and aligns the company with current consumer trends. By our calculations, however, credit metrics have in fact deteriorated and the French free cash flow as outlined in the plan is barely enough to cover dividends and financial expenses. Therefore, net debt will not decrease organically. Even if Casino delivers on its new plan, its ownership structure and the associated dividend payments to parent Rallye make for a precarious investment argu...

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

Coffee, Croissants & Credit/Casino, Pernod Ricard and Stedin

Casino's (COFP) FY18 results were released this morning, which we view as positive. We expect bonds to tighten on the back of today's release. The group recorded consolidated trading profit (incl. tax credits) of €1,209m, flat YoY in reported terms and in line with consensus. This metric grew 9.8% in organic terms or 18% when excluding tax credits. The growth rates are well above Casino's targets of >0% and 10% respectively. Trading profit in France increased 8.4% organically to €579m. This includes €518m for the retail business, which increased by 18.4% set against a target of 10%. Organic gr...

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

Coffee, Croissants & Credit/Casino, Telecom Italia, Orange and Engie

Casino (COFP) has signed an agreement with Fortress Investment Group for the sale of 26 hypermarkets for €501m. After registration tax, Casino will receive 80% of the portfolio's asset value (€392m), which represents €31.8m in annual rent. The transaction is expected to close in the first half of 2019. With this transaction, the total of non-strategic asset disposals has reached the target of €1.5bn set in June 2018. On top of this, Casino announced on Saturday that it has signed agreements to sell six Géant hypermarkets to E. Leclerc for €100.5m. The stores were loss-making (trading loss of €...

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

Coffee, Croissants & Credit/Casino, Telecom Italia and Vattenfall

Casino (COFP) published its 4Q18 and FY18 sales update last night. These were resilient despite the social unrest in France. Sales for the group were €36.6bn, in line with estimates. Sales were down on a reported basis to the tune of 2.4% despite same-store growth of 3.0%. Growth in 4Q18 was +0.2% on a reported basis, leading to sales of €9,928m, a touch ahead of consensus of €9.86bn. France Retail sales grew +1.4% to €4.91bn, in line with consensus, with same-store growth of +0.5%. This marks a significant slowdown compared to the previous quarter (+1.9%) and was realised against an easy comp...

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

Coffee, Croissants & Credit/Casino, Danske Bank and Nordea

Following earlier announcements, Casino (COFP) announced today that it has completed the disposal of a total of 67 Monoprix real estate assets for a sum of €742m and annual rent of €35.4m. This takes the total disposal amount to €1.1bn, exceeding the initial target set back in June. Casino also confirmed all its 2018 objectives and went on to say that retail trading operating profit is expected to grow at the same pace as in 2018, including the effect of additional rents.

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...

Casino - Assemblée générale des actionnaires du 07 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Casino Guichard-Perrachon – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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...

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...

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...

Valérie GASTALDY

Analyse court terme - CASINO : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 32,70 € pourrait relancer le mouvement haussier vers 41,61 €. La rupture de 25,30 € mettrait la tendance en danger.

Valérie GASTALDY

Short term view - CASINO : Falling.

The trend is bullish. The current fall looks like a consolidation. The support at €32.70 could cause a bullish reaction towards €41.61. The break of €25.30 would endanger the trend.

Valérie GASTALDY

Short term view - CASINO : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €41.61. The break of €25.30 would endanger the trend.

Valérie GASTALDY

Analyse court terme - CASINO : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 41,61 €. La rupture de 25,30 € mettrait la tendance en danger.

Jérôme VINERIER

Analyse moyen terme - CASINO : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 52,72 €.

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