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

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.

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.

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 3Q Sales With Deleverage Plan Ahead of Schedule

With less of a presence in the declining hypermarket format than many of its rivals and high exposure to emerging economies, particularly in Latin America, Casino is not without advantages. However, a combination of intense competition, a lagging online grocery presence, and a history of questionable capital-allocation decisions leave doubt about the French grocer’s ability to deliver long-term economic returns.Casino's crown jewel, its Monoprix banner, which accounts for more than 65% of the group’s French retail operating profits, faces fierce price competition in its most important region (...

Ioannis Pontikis

Casino Group Reports In-Line 3Q Sales With Deleverage Plan Ahead of Schedule

Casino Group reported a third-quarter sales update with group sales up 3.3% on a same-store basis (5.4% organic growth), in line with our expectations. While we maintain our no-moat rating, we intend to update our model for a higher-than-expected adverse currency effect from Latin America (Brazil), but we do not anticipate a material impact to our EUR 32 fair value estimate. The two-year EUR 1.5 billion deleveraging plan that the company announced in June is progressing faster than guided, and m...

Ioannis Pontikis

Morningstar | Casino Group Reports In-Line 3Q Sales With Deleverage Plan Ahead of Schedule; Shares Fairly Valued

Casino Group reported a third-quarter sales update with group sales up 3.3% on a same-store basis (5.4% organic growth), in line with our expectations. While we maintain our no-moat rating, we intend to update our model for a higher-than-expected adverse currency effect from Latin America (Brazil), but we do not anticipate a material impact to our EUR 32 fair value estimate. The two-year EUR 1.5 billion deleveraging plan that the company announced in June is progressing faster than guided, and management reiterated full-year guidance (10% group EBIT growth at constant currency and excluding ta...

Ioannis Pontikis

Casino Group Reports In-Line 3Q Sales With Deleverage Plan Ahead of Schedule; Shares Fairly Valued

Casino Group reported a third-quarter sales update with group sales up 3.3% on a same-store basis (5.4% organic growth), in line with our expectations. While we maintain our no-moat rating, we intend to update our model for a higher-than-expected adverse currency effect from Latin America (Brazil), but we do not anticipate a material impact to our EUR 32 fair value estimate. The two-year EUR 1.5 billion deleveraging plan that the company announced in June is progressing faster than guided, and m...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2018

Lowering breakeven is imperative given the industrialisation of the sector. A cost-income ratio below 65% (74% in H1 2018) assumes radical decisions on costs, the US, and structural weaknesses. Target price of € 23.9 based on forecasts below the consensus. Neutral recommendation pending rapid inflections. - Cf. Equity report published last evening. - ...

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 – DETAILED COMMENTS 10/15/2018

...

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

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

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

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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 - 08/10/2018

...

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 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 ...

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)

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.

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 €.

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