Casino Guichard: Elements of wording which, once again, taint a publication of good quality
Casino Guichard: (BUY, Fair Value EUR50 (+41%))Elements of wording which, once again, taint a publication of good quality
Yesterday, in the introduction to our comment, we stressed some elements of wording that could possibly be subject to debate. It has finally been the case… such that what seemed to be a strong publication, at first sight, finally turned out to be a missed opportunity to reassure the market. The market simply retained that Casino communicated on a EUR295m drop of the French NFD, without specifying right from the start in the press release that there were positive one-offs… What a pity!
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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