CASINO GUICHARD: Q3 again marked by negative LfL and material cash-burn in France | SELL | EUR19(-13%)
CASINO GUICHARD - SELL | EUR19(-13%)Q3 again marked by negative LfL and material cash-burn in France
Weak French LfL at -4.3% with low likelihood to see LfL growth in Q4
Slightly declining French EBITDA, former covenant would have broken
France on an underlying cash-burn trend of c.EUR200m
Sell reiterated as the new safeguard plan remains unsurmountable
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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