CASINO GUICHARD: Heading towards a 1.4x net debt/EBITDA in France by 2020 | NEUTRAL | EUR38 vs. EUR43 (+15%)
CASINO GUICHARD - NEUTRAL | EUR38 vs. EUR43 (+15%)Heading towards a 1.4x net debt/EBITDA in France by 2020
French EBIT guidance is not questioned despite no LfL acceleration in H2
Disposals and dividend cut to lower French net debt to EUR1.5bn by 2020…
…but we wonder what levers could be activated beyond 2020 to maintain net debt below EUR1.5bn
Neutral confirmed given the risks implied by Rallye’s safeguard proceedings
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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