Casino: covenants still look unsustainable from late 2026
Post-FY 2024, we have cut our FY 2025-27e sales / EBITDA / FCF by 2% / 12% / >6% respectively to reflect a softer-than-expected 2024 landing. Our updated estimates still point to net debt and a gross cash covenants breach from late 2026 with the same old concern around the stock: the dilution ri
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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