Casino's 2016 results disappoint, FVE revised down
No-moat French food retailer Casino reported poor 2016 results with French and Latin American profits disappointing, though e-commerce losses narrowed. We are revising down our estimates and expect to cut our EUR 52 fair value estimate by over 5%. 2017 guidance is at current exchange rates which will flatter compared to the underlying performance and does not look credible. The no moat rating is unchanged.The strong rebound in French profit continued in the second half of 2016, but at a less vi...
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.
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