Picard : Risk of slowdown in deleveraging rather than major changes, Hold.

More than a year after the refinancing carried out by the group, the global economic environment has changed materially between record food inflation and upward pressure on all costs. The group forthcoming earnings release early December (Q2 results, period ended 30 September 2022) will complete an almost "normal" period of 12 months with no covid restrictions, after the boom during the pandemic. In this report, we will assess how the current tough environment might cause Picard'...