CASINO GUICHARD: No guidance provided for 2020 | NEUTRAL | EUR36
CASINO GUICHARD - NEUTRAL | EUR36No guidance provided for 2020
French underlying EBIT retail growth of 5.5%
French net debt decreasing by EUR400m despite weak FCF
Unsurprisingly, no guidance provided for 2020
Neutral reiterated, no change to our ests prior to the call
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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