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

Anne-Barbara Nicco

Casino : Recommendations left unchanged in the light of recent developments

In this new report, we discuss the recent newsflow, mainly the draft safeguard plan for Rallye announced in December and Casino's profit warning in January, as a direct result of transport strikes. In light of these developments and current yield levels, we are leaving unchanged our recommendations (Buy 2021 to 03/2024 notes, Neutral on other notes). - >A revision of France Retail trading profit guidance, which should undermine the free cash flow target though this should...

Anne-Barbara Nicco

Casino : Recommandations inchangées à la lumière des développements récents

Nous revenons, dans cette nouvelle note, sur le newsflow récent autour du groupe, à savoir principalement le projet de sauvegarde de Rallye dévoilé début décembre et le profit warning de janvier, conséquence directe des grèves de transport. A la lumière de ces développements et des niveaux de rendements actuels, nous ne modifions pas nos recommandations (Achat des maturités 2021 à 2024, Neutre sur les autres souches). - >Une révision de la guidance de ROC France Retail qui...

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!

Marnik Hinnekens

TP ICAP - Europe - Focus High Yield 04/12/2019 - Casino- FR

TP ICAP - Europe - Focus High Yield 04/12/2019 - Casino- FR

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - FR

Aroundtown (Conserver) : Fusion avec TLG Immobilien (Achat) Erste Group Bank (Achat) : Emission d'un nouveau titre Tier 2 à mid-swap+130pbs Accor (Achat) : Cède 5,2% de sa filiale AccorInvest pour €204m Casino (Achat souches courtes, Conserver souches longues) : Nouvelle ligne de crédit syndiquée de €2 mds ArcelorMittal (Achat) : Finalise l'acquisition d'Essar Steel d’un montant de $5,8 mds Coty (Achat) : Acquisition de 51% du groupe Kylie Jenner pour $600m Volkswagen (Achat) : Revoit à la baisse ses perspectives de moyen-terme 2016-2020 ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - EN

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

Laurence Hofmann

Casino : Warning sur les résultats 2019 en raison de l’impact des grèves en France. BPA revu en baisse de 10% sur 2019. OC abaissé à 42 € vs 44 €. Neutre

>Ventes du T4 2019 : en ligne en LFL y compris sur la France - A l’exception de la déconsolidation de Leader Price (placé en IFRS 5 car négociation de vente en cours avec Aldi), ce que nous n’escomptions pas à ce stade, les ventes du T4 2019 sont en ligne avec nos attentes.CA consolidé de 9 228 M€ au T4, -1.4% en déclaré, +3.6% en organique et +1.6% en LFL. (vs +1.4%e en LFL hors Leader Price)CA France : 4 164 M€, -4.3% en déclaré, -1.2% en organique et stab...

Laurence Hofmann

Casino : Warning on 2019 results due to the impact of the strikes in France. 2019 EPS revised down 10%. Target price cut to € 42 from € 44. Neutral

>Q4 2019 sales: in line l-f-l including in France - Excluding the deconsolidation of Leader Price (placed under IFRS 5 as sales negotiations are ongoing with Aldi), which we did not expect at this stage, Q4 2019 sales were in line with our expectations.Q4 consolidated sales came to € 9,228m, down -1.4% on a reported basis but +3.6% organic and +1.6% l-f-l. (vs +1.4%e l-f-l excluding Leader Price)Sales France: € 4,164m, -4.3% reported, -1.2% organic and stab...

Clement Genelot

CASINO GUICHARD: Warning on EBIT and FCF guidance at risk | NEUTRAL | EUR37 vs. EUR38 (-5%)

CASINO GUICHARD - NEUTRAL | EUR37 vs. EUR38 (-5%) Warning on EBIT and FCF guidance at risk LfL growth below expectations in France due to the strikes A pleasing surprise in LatAm that will not overshadow France Underlying EBIT retail growth guidance cut from +10% to +5% No indication on WCR but French FCF guidance seems at risk Neutral reiterated with a FV of EUR37

Laurence Hofmann

Casino : Q4 2019e sales preview: LFL forecast virtually stable in France, but the stock market stakes for Casino remains the safeguard process for Rallye

>Q4 2019e sales: weak in France and resilient in LatAm - Casino is due to report its Q4 2019 sales on Thursday 16 January, after market close. We are forecasting consolidated sales of € 9.7bn in Q4 2019e, -2.5%e reported integrating a currency effect of -2.9%e. As in Q3 2019 (impact -1.3% consolidated), business is affected by the divestment/closure of loss-making stores in France (impact of -1.5% in Q4). In LFL, we are forecasting a further sequential slowdown in Q4 ...

Laurence Hofmann

Casino : Preview CA du T4 2019e : LFL anticipés quasi-stables en France, mais l’enjeu boursier pour Casino reste le processus de sauvegarde de Rallye

>Ventes du T4 2019e : faibles en France et résilientes au Latam - Casino publiera ses ventes du T4 2019, jeudi 16 janvier après la clôture. Nous tablons sur un CA consolidé de 9.7 Md€ au T4 2019e, -2.5%e en déclaré intégrant un effet changes de -2.9%e. Tout comme au T3 2019 (impact -1.3% en consolidé), l’activité est affectée par le processus de cessions/fermetures des magasins déficitaires en France (impact de -1.5%e au T4). En LFL, nous anticipons un nouveau ralent...

Charles Lepetitpas ...
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Marc Lavaud
  • Martial Descoutures
  • Oussema Denguir
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 01/17/2020

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Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/17/2020

In this report, we discuss the acceleration of a new model governing relations between advertising agencies and advertisers. Advertising agencies are not about to disappear but are set to gradually lose their role as prime contractors as in-house advertising, facilitated by technology, becomes more widespread. For Publicis and WPP, organic growth and margins will remain under pressure at least until 2020. Valuations are currently low (P/E 2020e of ~9.9x) but our sector analysis still ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/01/2020

Nous décrivons dans cette étude l’accélération d’un nouveau modèle entre agences de publicité et annonceurs. Les agences ne disparaitront pas mais vont progressivement perdre leur rôle de maitre d’ouvrage sous l’effet du développement de l’internalisation, facilitée par la technologie. La croissance organique et les marges de Publicis et WPP resteront sous pression au moins jusqu’en 2020. La valorisation est actuellement faible (PE 20e de ~9.9x) mais notre analyse sectorielle nous con...

Charles Lepetitpas ...
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Marc Lavaud
  • Martial Descoutures
  • Oussema Denguir
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 17/01/2020

...

Anis Zgaya ...
  • Aurelien Sivignon
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Khaled Ben Amor
  • Laurence Hofmann

ODDO BHF Small & MIDCAP MORNING NEWS - 01/09/2020

...

Increased risk weighs on CASINO GUICHARD-P, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of CASINO GUICHARD-P (FR), active in the Food Retailers & Wholesalers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date January 7, 2020, the closing price was EUR 39.30 and its target price was estimated at EUR 33.97.

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...

Anne-Barbara Nicco

Casino : Recommendations left unchanged in the light of recent developments

In this new report, we discuss the recent newsflow, mainly the draft safeguard plan for Rallye announced in December and Casino's profit warning in January, as a direct result of transport strikes. In light of these developments and current yield levels, we are leaving unchanged our recommendations (Buy 2021 to 03/2024 notes, Neutral on other notes). - >A revision of France Retail trading profit guidance, which should undermine the free cash flow target though this should...

Anne-Barbara Nicco

Casino : Recommandations inchangées à la lumière des développements récents

Nous revenons, dans cette nouvelle note, sur le newsflow récent autour du groupe, à savoir principalement le projet de sauvegarde de Rallye dévoilé début décembre et le profit warning de janvier, conséquence directe des grèves de transport. A la lumière de ces développements et des niveaux de rendements actuels, nous ne modifions pas nos recommandations (Achat des maturités 2021 à 2024, Neutre sur les autres souches). - >Une révision de la guidance de ROC France Retail qui...

Anne-Barbara Nicco

Casino : Casino issues inaugural secured debt instruments

The announcement of the approximately € 3.5bn secured refinancing programme (including a € 750m senior secured bond issue) and tender offers on the 2020, 2021 and 2022 EMTN has sharply repriced Casino’s yield curve. Prices of long-dated bonds (not subject to the tender and now subordinated) have logically fallen, pushing their yields up to higher levels today than at the start of June after Rallye’s safeguard procedure was announced. - Although this new subordination admittedly ha...

Anne-Barbara Nicco

Casino : Casino inaugure ses premiers placements de dettes sécurisées

L’annonce du plan de refinancement sécurisé d’environ 3.5 mds EUR (dont une émission obligataire senior secured de 750 m EUR) et de tenders sur les obligations 2020, 2021 et 2022 a totalement repricé la courbe Casino avec une baisse logique du prix des obligations longues (non concernées par le tender et désormais subordonnées) mais qui a propulsé leurs rendements vers des niveaux supérieurs à ceux atteints début juin (post sauvegarde de Rallye). S’il est vrai que cette subordin...

Anne-Barbara Nicco

Casino : Casino issues inaugural secured debt instruments

The announcement of the approximately € 3.5bn secured refinancing programme (including a € 750m senior secured bond issue) and tender offers on the 2020, 2021 and 2022 EMTN has sharply repriced Casino’s yield curve. Prices of long-dated bonds (not subject to the tender and now subordinated) have logically fallen, pushing their yields up to higher levels today than at the start of June after Rallye’s safeguard procedure was announced. - Although this new subordination admittedly ha...

Clement Genelot

Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match!

SECTOR | Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match! Carrefour and Casino's interests can converge in Latin America. Casino’s ongoing reorganization of its Latam entities will transform GPA and Exito into two more liquid assets by end-2019. Although not confirmed by Casino, the next natural step from 2020 would be to sell both Exito (EUR3.0bn e EV), with little interest from Carrefour, and then GPA (EUR7.7bn e EV), with greater interest from Carrefour.

MarketLine Department

Carrefour SA - Strategy, SWOT and Corporate Finance Report

Summary Carrefour SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Carrefour SA (Carrefour) is one of the largest global consumer goods retailers. The company operates multi-format and omnichannel retail platforms. It operates through a network of hypermarkets, supermarkets, convenience stores, and cash and carry stores across the world. Carrefour also retails ...

MarketLine Department

INGKA Holding BV - Strategy, SWOT and Corporate Finance Report

Summary INGKA Holding BV - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Ingka Holding B.V. (IKEA Group) manufactures, distributes and retails furniture and home decor products. The company’s product portfolio includes beds and mattresses, decoration materials, flooring, lightings, mirrors and furniture for living room, bedroom and kitchen, storage and textiles. ...

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.

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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