Casino Guichard: EUR1.5bn asset disposal plan to get out of the Equity/CDS catch-22
Casino Guichard: (BUY, Fair Value EUR50 (+52%))EUR1.5bn asset disposal plan to get out of the Equity/CDS catch-22
Our feeling is that the EUR1.5bn disposal plan, hastily built, is above all likely to set a floor for the share price. However, we do not believe that it will respond all concerns, fully reassure the market and make the share price bump. To do this, the sale of Via Varejo remains the major catalyst, about which we discussed in our latest report (Via Varejo is the key to get out the catch-22!) as of May 4th.
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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