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 | Casino Group Reports In-Line 4Q Sales; Social Unrest Weighs on Sales Growth in France

Casino Group reported fourth-quarter and fiscal 2018 sales, with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth (3.6% and 5.1%, respectively, for the quarter), in line with our expectations. Given this mostly in-line print, we maintain our no-moat rating and EUR 32 fair value estimate. On the call, management reiterated full-year guidance despite a negative impact from the yellow vest movement during the quarter (10% group EBIT growth at constant currency and excluding tax credits, French EBIT growth of 10%, among others). French sales were up 1.3% (0.5% for the q...

Ioannis Pontikis

Casino Group Reports In-Line 4Q Sales; Social Unrest Weighs on Sales Growth in France

Casino Group reported fourth-quarter and fiscal 2018 sales, with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth (3.6% and 5.1%, respectively, for the quarter), in line with our expectations. Given this mostly in-line print, we maintain our no-moat rating and EUR 32 fair value estimate. On the call, management reiterated full-year guidance despite a negative impact from the yellow vest movement during the quarter (10% group EBIT growth at constant currency and excludi...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2019

...

Clement Genelot

CASINO GUICHARD: Q4 sales roughly in line along with reassuring comments on EBIT | BUY | EUR45

CASINO GUICHARD - BUY | EUR45(+24%) Q4 sales roughly in line along with reassuring comments on EBIT France Retail slightly below expectations due to Yellow Vests LatAm and Cdiscount came out above the consensus EBIT and net debt reduction guidance confirmed Buy confirmed with unchanged FV at EUR45

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...

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 | Casino Group Reports In-Line 4Q Sales; Social Unrest Weighs on Sales Growth in France

Casino Group reported fourth-quarter and fiscal 2018 sales, with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth (3.6% and 5.1%, respectively, for the quarter), in line with our expectations. Given this mostly in-line print, we maintain our no-moat rating and EUR 32 fair value estimate. On the call, management reiterated full-year guidance despite a negative impact from the yellow vest movement during the quarter (10% group EBIT growth at constant currency and excluding tax credits, French EBIT growth of 10%, among others). French sales were up 1.3% (0.5% for the q...

Ioannis Pontikis

Casino Group Reports In-Line 4Q Sales; Social Unrest Weighs on Sales Growth in France

Casino Group reported fourth-quarter and fiscal 2018 sales, with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth (3.6% and 5.1%, respectively, for the quarter), in line with our expectations. Given this mostly in-line print, we maintain our no-moat rating and EUR 32 fair value estimate. On the call, management reiterated full-year guidance despite a negative impact from the yellow vest movement during the quarter (10% group EBIT growth at constant currency and excludi...

Clement Genelot

CASINO GUICHARD: Q4 sales roughly in line along with reassuring comments on EBIT | BUY | EUR45

CASINO GUICHARD - BUY | EUR45(+24%) Q4 sales roughly in line along with reassuring comments on EBIT France Retail slightly below expectations due to Yellow Vests LatAm and Cdiscount came out above the consensus EBIT and net debt reduction guidance confirmed Buy confirmed with unchanged FV at EUR45

Laurence Hofmann

Casino : Q4 2018 sales slightly above our estimate. Guidance should be achieved despite the “yellow vests” impact (-€ 17m est. on EBIT)

>Q4 2018 sales slightly above our estimate by 0.5% - Consolidated sales of € 9,928m in Q4 2018 (vs € 9,810m est.), +0.2% on a reported basis, +3.6% l-f-l and 5.1% organic vs +4.6% est. Restated for the “yellow vests” effect, which has been estimated by the group at -€ 50m (vs -€ 45m on our reckoning), organic growth would have been 5.6% in line with previous quarters (+5.4% in Q3 and +5.2% in Q2). This performance was 0.5% above our forecast, notably due to Cdiscount ...

Laurence Hofmann

Casino : CA du T4 2018 légèrement au-dessus de nos attentes. Le groupe devrait atteindre ses guidances malgré l’impact Gilets jaunes (-17 M€e en EBIT)

>CA du T4 2018 : légèrement au-dessus de nos attentes de 0.5% - CA consolidé de 9 928 M€ au T4 2018 (vs 9 810 M€ estimés), +0.2% en déclaré, +3.6% en LFL et +5.1% en organique vs +4.6%. Corrigé de l’impact Gilets jaunes, estimés par le groupe à -50 M€ (vs -45 M€ par nous), la croissance organique aurait été de 5.6%, en ligne avec les réalisations des trimestres précédents (+5.4% au T3 et +5.2% au T2). Les réalisations sont 0.5% au-dessus de nos attentes, en notamment ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2019

...

Aurelien Sivignon ...
  • Christophe-Raphaël Ganet
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/18/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/01/2019

...

Aurelien Sivignon ...
  • Christophe-Raphaël Ganet
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 18/01/2019

...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2019

...

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 4 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 November 9, 2018, the closing price was EUR 38.04 and its potential was estimated at EUR 44.21.

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, 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.

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

Coffee, Croissants & Credit/Casino and Telia

Casino (COFP) published its 3Q18 sales update yesterday after market close, which we view as a small negative for spreads. Total sales came in at €8,922m (Bloomberg consensus: €8.98bn) with LFL growth of 3.3%, only a minor uptick compared to the previous quarter (+3.2%) but stronger than the 2.2% LFL growth achieved in 3Q17. Reported sales fell 2.4% due to a currency headwind of 7.6%. France Retail generated LFL growth of 1.9%, a touch ahead of consensus of +1.6% with sales of €4.83bn in line. Growth accelerated most for Convenience/other, which saw LFL growth pick up from +0.7% in 2Q18 to +3....

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

Coffee, Croissants & Credit/Casino, EnBW and Verizon

Casino (COFP) announced that it reached an agreement to sell 55 Monoprix real estate assets for €565m (after deduction of registration fees). Additional rent will amount to €27m. Together with the sale of 15% of Mercialys, Casino is now halfway to its €1.5bn disposal target. Casino confirms all of its 2018 objectives and expects retail trading profit in 2019 to improve at the same pace as in 2018.

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

Coffee, Croissants & Credit/Rallye signs new credit line

Rallye (RALFP), Casino's (COFP) holding company, issued a statement that it has signed a new credit line maturing in 2020 for an amount of €500m. The new facility comes on top of Rallye's existing liquidity and does not require a pledge of Casino shares. Rallye's other credit lines do require pledging of Casino shares as collateral. This hampers Rallye's ability to repay debt due to the slumping of Casino's share price. Casino shares are now trading 38% lower compared to this year's high set in early January. Rallye has €600m in bond debt maturing by March of next year, with €300m falling due ...

Esther Bouguet

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...

Esther Bouguet

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...

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'...

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.

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 €.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch