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Q2 sales pointing to a growth acceleration
This morning Casino released strong Q2 sales with a group LfL of +3.2% (vs +2%e), in acceleration vs Q1. All the banners delivered LfL sales growth above expectations in France, notably with Géant benefiting from its long standing price repositioning and Monoprix from its Parisian stores. The FY 2018 guidance is confirmed and reachable to us. Even if some slight downward adjustments cannot be ruled out given the current FX, we confirm our Buy rating (FV of EUR50).
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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.
Antoine Parison
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