Casino: Q3 LfL in line, Monoprix at root of worsening EBITDA margin trend
Whereas Q3 LfL was in line, Monoprix caused a worsening in the EBITDA margin trend for reasons we struggle to explain. After cutting our FY 2024/25 EBITDA by 5%/2% and our PT from EUR2.4 to EUR2, we believe that Casino needs to stabilise its EBITDA, tightly control capex and sell its remaining real
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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