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

Ioannis Pontikis

Morningstar | Rallye's Last Hope to Maintain Control of Casino Could Be Good News for Casino's Shareholders

Rallye Group (and its subsidiaries Fonciere Euris, Finatis and Euris), no-moat Casino's parent company (52% of Casino's share capital), announced on 23 May that it had requested and obtained the opening of safeguard proceedings for six months. According to a press release, Casino is not concerned by these proceedings, while Rallye and its subsidiaries have today pledged nearly all of their shares as collateral to access credit lines. The press release also said that pending the approval of a safeguard plan, the payment of their debts are suspended. The trading of Casino shares was halted follo...

Ioannis Pontikis

Rallye's Last Hope to Maintain Control of Casino Could Be Good News for Casino's Shareholders

Rallye Group (and its subsidiaries Fonciere Euris, Finatis and Euris), no-moat Casino's parent company (52% of Casino's share capital), announced on 23 May that it had requested and obtained the opening of safeguard proceedings for six months. According to a press release, Casino is not concerned by these proceedings, while Rallye and its subsidiaries have today pledged nearly all of their shares as collateral to access credit lines. The press release also said that pending the approval of a saf...

Clement Genelot

CASINO GUICHARD: Rallye obtains the opening of safeguard proceedings | NEUTRAL | EUR43(+44%)

CASINO GUICHARD - NEUTRAL | EUR43(+44%) Rallye obtains the opening of safeguard proceedings Rallye, Foncière Euris, Finatis and Euris obtain the opening of safeguard proceedings Harsh negotiations ahead with creditors Only few implications for Casino on the operating side at this stage Likely short squeeze to come

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/24/2019

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

Coffee, Croissants & Credit/Casino, Deutsche Bank and National Grid

Rallye (RALFP), the parent company of Casino (COFP), issued a press release yesterday, stating it has requested and obtained the opening of safeguard proceedings, initially for a period of 6 months, but potentially up to 18 months. Rallye's subsidiaries Cobivia and HMB, as well as parent companies Foncière Euris, Finatis and Euris are included in the proceedings. The safeguard proceedings allow the companies to restructure their debt in a stable environment. Debt can be rescheduled over a period of 10 years. Debt-related payments will be suspended during the proceedings. Rallye currently has n...

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...

Ioannis Pontikis

Morningstar | Rallye's Last Hope to Maintain Control of Casino Could Be Good News for Casino's Shareholders

Rallye Group (and its subsidiaries Fonciere Euris, Finatis and Euris), no-moat Casino's parent company (52% of Casino's share capital), announced on 23 May that it had requested and obtained the opening of safeguard proceedings for six months. According to a press release, Casino is not concerned by these proceedings, while Rallye and its subsidiaries have today pledged nearly all of their shares as collateral to access credit lines. The press release also said that pending the approval of a safeguard plan, the payment of their debts are suspended. The trading of Casino shares was halted follo...

Ioannis Pontikis

Rallye's Last Hope to Maintain Control of Casino Could Be Good News for Casino's Shareholders

Rallye Group (and its subsidiaries Fonciere Euris, Finatis and Euris), no-moat Casino's parent company (52% of Casino's share capital), announced on 23 May that it had requested and obtained the opening of safeguard proceedings for six months. According to a press release, Casino is not concerned by these proceedings, while Rallye and its subsidiaries have today pledged nearly all of their shares as collateral to access credit lines. The press release also said that pending the approval of a saf...

Clement Genelot

CASINO GUICHARD: Rallye obtains the opening of safeguard proceedings | NEUTRAL | EUR43(+44%)

CASINO GUICHARD - NEUTRAL | EUR43(+44%) Rallye obtains the opening of safeguard proceedings Rallye, Foncière Euris, Finatis and Euris obtain the opening of safeguard proceedings Harsh negotiations ahead with creditors Only few implications for Casino on the operating side at this stage Likely short squeeze to come

Laurence Hofmann

Casino : Safeguard procedure initiated for Casino’s parent company Rallye – financial pressure on Casino finally easing – Buy vs Neutral

>Safeguard procedure for Rallye - A safeguard procedure was initiated yesterday (23 May) relating to Casino’s controlling holding companies Rallye, Foncière Euris, Finatis and Euris. This suspends debt payments for the next six months (with a possible extension for up to 18 months)The aim is to reschedule the debt, which legally can be up to 10 years.The net debt of the 4 companies amounts to € 3,295m with € 2,899m for Rallye alone (breakdown of the debt and...

Laurence Hofmann

Casino : Rallye, la maison mère de Casino en procédure de sauvegarde – La pression financière s’allège enfin sur Casino – Achat vs Neutre

>Procédure de sauvegarde pour Rallye - Les holdings de contrôle de Casino, Rallye, Foncière Euris, Finatis et Euris ont été placés hier (le 23 mai 2019) en procédure de sauvegarde. Cela suspend le paiement des dettes pour les 6 prochains mois (extensible jusqu'à 18 mois).L'objectif est le rééchelonnement des dettes qui peut légalement aller jusqu'à 10 ans.Les dettes nettes des 4 sociétés s’élèvent à 3 295 M€ dont 2 899 M€ pour Rallye seulement (détail des de...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/24/2019

...

Johanna Jourdain ...
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 05/24/2019

With a hybrid profile unique in France and a foothold in the major technology markets (Internet, mobile and IoT), the group's new organisational structure offers attractive expansion opportunities. We see several positive catalysts for the stock, with further hyper-growth in the mobile business, margin improvement in internet operations and the ramp-up of the IoT division. We are initiating coverage of Claranova with a Buy recommendation and a target price of € 1.2, representing upsid...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/05/2019

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Johanna Jourdain ...
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 24/05/2019

Avec un profil hybride unique en France et positionnée sur les grands domaines de la technologie (Internet, mobile, IoT), la nouvelle structure du groupe offre des opportunités de développement intéressantes. Selon nous, la poursuite d’une hyper-croissance sur le mobile, la progression des marges sur le web et le ramp-up de l’activité IoT sont autant de catalyseurs favorables sur le titre. Nous initions le suivi à l’Achat avec un OC de 1.2 €, soit un potentiel d’appréciation de 45%. - ...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2019

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

Coffee, Croissants & Credit/Casino, Deutsche Bank and National Grid

Rallye (RALFP), the parent company of Casino (COFP), issued a press release yesterday, stating it has requested and obtained the opening of safeguard proceedings, initially for a period of 6 months, but potentially up to 18 months. Rallye's subsidiaries Cobivia and HMB, as well as parent companies Foncière Euris, Finatis and Euris are included in the proceedings. The safeguard proceedings allow the companies to restructure their debt in a stable environment. Debt can be rescheduled over a period of 10 years. Debt-related payments will be suspended during the proceedings. Rallye currently has n...

ING
Job Veenendaal

Casino Guichard-Perrachon/Trading halted; bonds widen substantially

Shares in Casino parent company Rallye were suspended this morning, causing Casino shares to slide as much as 8.3% today to a low of €27.38, with the bonds widening substantially. The suspension came at the request of Rallye pending a statement later today and until further notice. Later on trading was also suspended in shares of Casino, as well as those of the two holding companies above Rallye. Subsequently trading in Rallye and Casino bonds was halted. We will review our Credit Assessment on Casino following Rallye's pending statement and its potential impact on Casino.

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

Coffee, Croissants & Credit/Casino, RBS, KPN and Suez

Casino (COFP) reported 1Q19 sales yesterday after close of business. Net sales for the group were down 0.5% to €8,853m, a touch ahead of consensus of €8.82bn. In France this metric came in at €4,402m, slightly behind estimates of €4.43bn. Same-store growth for France Retail, i.e. excluding Cdiscount, was flat after +1.3% in 1Q18 and +0.5% in 4Q18. This marks the worst performance since the third quarter of 2016. Casino confirms all its annual objectives. (For full stories, download report)

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

Coffee, Croissants & Credit/Benelux Credit Digest, Casino, UniCredit and Swedbank

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg. Please see the whole document on our research website.

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...

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 | 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.

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...

Charles Pinel

Casino - Assemblée générale des actionnaires du 07 mai 2019

SITUATION FINANCIERE Casino fait l'objet de spéculations de la part de certains investisseurs en raison de l'endettement de la holding de contrôle de Jean-Charles Naouri, Président-Directeur général et principal actionnaire. Dans ce contexte, Casino a procédé à un plan de cession pour 1,5 Mds€ et a fixé une nouvelle cible d'au moins 2,5 Mds€ à réaliser d'ici le premier trimestre 2020. Cependant, le groupe a dégagé une perte de 54 M€ en 2018 et propose un dividende qui semble avant tout permettre à l'actionnaire de contrôle d'honorer sa dette financière. Il est temps que les actionnaires se mon...

Expert Corporate Governance Service (ECGS)

Casino Guichard Perrachon - AGM 07 May 2019

FINANCIAL SITUATION Casino is the subject of speculation by some investors due to the indebtedness of the controlling holding company of Jean-Charles Naouri, Chairman - CEO and main shareholder. In this context, Casino has implemented a disposal plan for € 1.5 billion and has set a new target of further asset disposal of at least € 2.5 billion to be achieved by the first quarter of 2020. However, the group generated a loss of € 54 million in 2018 and proposes a dividend that seems above all to allow the controlling shareholder to honour its financial debt. It is time for shareholders to act r...

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...

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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