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

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/17/2019

...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 17/07/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2019

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - ...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2019

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - ...

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!

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...

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...

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...

Laurence Hofmann

Casino : H1 2019e probably lacklustre, but the real challenge is finding an industrial solution for the group

>H1 2019e: we are forecasting EBIT down 4% on a reported basis - Casino is due to publish its H1 2019 results on Thursday 25 July before the market opens. We are forecasting adjusted consolidated EBIT of € 325m, down by a reported 4.1% vs H1 2018 (excl. tax credits in Brazil) and with virtual stability on an organic basis (-0.4%). See detailed forecasts on the following page.Several elements will penalise the H1 2019 performance:EBIT France: € 110m estimated...

Laurence Hofmann

Casino : S1 2019e probablement faible, mais le véritable enjeu est de trouver une solution industrielle pour le groupe

>S1 2019e : nous anticipons un EBIT en baisse de 4% en déclaré - Casino publiera ses résultats du S1 2019, le jeudi 25 juillet, avant le marché. Nous tablons sur un EBIT consolidé ajusté de 325 M€, en baisse déclarée de 4.1% par rapport au S1 2018 (hors crédit d’impôts au Brésil) et avec une quasi stabilité en organique (-0.4%). Cf. prévisions détaillées page suivantes.Plusieurs éléments pénaliseront la performance du 1er semestre :EBIT France : 110 M€ estim...

Clement Genelot

CASINO GUICHARD: Reorganizing LatAm will not affect French net debt but could prompt a rerating for GPA | NEUTRAL | EUR43(+43%)

CASINO GUICHARD - NEUTRAL | EUR43(+43%) Reorganizing LatAm will not affect French net debt but could prompt a rerating for GPA Towards a simplification of LatAm through GPA in H2 2019 A broadly neutral operation on Casino France’s net debt A reorganization that should prompt a rerating for GPA…

Laurence Hofmann

Casino : Plan to simplify the ownership structures in Latam: a cash neutral transaction for Casino

>Brazilian subsidiary GPA to buy 100% of Exito - GPA and Casino this morning announced the following plan aimed at simplifying Casino’s structures in its South American subsidiaries (cf. chart on page 2): A public offer in cash launched by GPA for 100% of Exito, to which Casino would tender its entire stake (55,3%).An acquisition by Casino of the shares owned by Exito in Segisor (which itself holds 99.9% of voting rights in GPA and 37.3% of economic rights)....

Laurence Hofmann

Casino : Projet de simplification des structures de contrôle au Latam : opération neutre en cash pour Casino

>La filiale brésilienne GPA rachèterait 100% d’Exito - GPA et Casino ont annoncé ce matin le projet suivant qui vise à simplifier les structures de Casino sur ses filiales sud-américaines (cf. graphe en page 2) : Une offre publique en numéraire lancée par GPA sur 100% d’Exito, à laquelle Casino apporterait la totalité de sa participation (55.3%).Une acquisition par Casino des titres détenus par Exito dans Segisor (qui détient elle même 99.9% des droits de vo...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/17/2019

...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 17/07/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2019

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - ...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2019

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Laurence Hofmann
  • Martial Descoutures
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/27/2019

...

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

Coffee, Croissants & Credit/Casino and Vodafone

Casino considers simplifying LatAm group structure

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.

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 €.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch