Report
Clement Genelot

CASINO GUICHARD: Warning on EBIT and FCF guidance at risk | NEUTRAL | EUR37 vs. EUR38 (-5%)

CASINO GUICHARD - NEUTRAL | EUR37 vs. EUR38 (-5%)
Warning on EBIT and FCF guidance at risk

LfL growth below expectations in France due to the strikes
A pleasing surprise in LatAm that will not overshadow France
Underlying EBIT retail growth guidance cut from +10% to +5%
No indication on WCR but French FCF guidance seems at risk
Neutral reiterated with a FV of EUR37
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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