Report
Clement Genelot

CASINO GUICHARD: H1 top line under pressure with self-help preserving EBITDA | SELL | EUR22(-24%)

CASINO GUICHARD - SELL | EUR22(-24%)
H1 top line under pressure with self-help preserving EBITDA

Poor Q1 LfL in France, materially below our expectations
Q2 LfL will remain under pressure but self-help will drive EBITDA
Some asset disposals still needed to meet the Dec 2021 covenant
Sell reiterated
Underlying
Casino Guichard-Perrachon SA

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Clement Genelot

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