CASINO GUICHARD - SELL | EUR15 VS. EUR19 (-6%) 2022 likely to be another year of margin decline and cash burn
Following Casino’s FY results, conference call with management and a deep dive in our model, we have cut our EBIT estimates, raised our cash-burn and net debt in France. 2021 might have been the group’s annus horribilis but there is little reasons to hope for a significant improvement in 2022 given the group’s underlying issues on every metric: LfL, margin, FCF… Sell reiterated.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.
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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