Rallye : Update following the earnings release
Publication date 15/03/2018 15:13 - Writing date 15/03/2018 15:04 - - Equity data - Reco : Reduce - Target : 13.00 EUR - Equity Analyst : Laurence Hofmann - [email protected] - +33 (0)1 44 51 86 82 - ESG Analyst : Valentin Pernet - Corporate Governance : High risk (4) - / - / - - The drop in Casino’s share price year-to-date has logically put pressure on prices of Rallye’s bonds by raising its loan-to-value ratio. Following the full-year results presentation, we are issuing a new update in this report on the credit quality of the holding company, its estimated rating and its liquidity, which remains very comfortable in 2018 and 2019 in our opinion. - - >Rallye is a holding company, operating within the specialized food distribution industry through its majority holdings in Casino and Groupe GO Sport. Co.'s main asset, Casino, represents 99% of its consolidated sales; and Groupe GO Sport specializes in retail sporting goods through its GO Sport and Courir brands. Co. also manages investment portfolios with financial assets (LBOs, real estate funds, energy, development capital), and real estate assets (shopping malls and residential developments). Co.'s activities are divided into three segments: food and general retailing (through Casino); sporting goods retailing (through Groupe Go Sport); and financial holdings and investments.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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