Casino: pragmatic low-cost plan does not solve liquidity issues beyond 2026
With management very pragmatic about its financial leeway, the 2028 plan looks more like a restructuring/optimisation operation than a relaunch. We remain more cautious on EBITDA recovery and FCF breakeven with unlevered FCF to turn positive in 2027 and levered FCF only beyond 2028. With no additio
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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