Casino Guichard: H1 results (first take): H1 NFD decreased by EUR295m in France
Casino Guichard: (BUY, Fair Value EUR50 (+47%))H1 results (first take): H1 NFD decreased by EUR295m in France
The strong operating performances (underlying operating profit of EUR439m vs EUR395m expected) came along with a EUR295m decrease in NFD (the focus of the market) in H1 (vs. flattish rather expected). This is the salient point of this publication that one will keep in mind. At this stage, despite some elements of wordings that might be debated, we do not see how this strong publication could not be well perceived. Buy.
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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