Rallye : Update post publication de résultats
La baisse du cours de l’action Casino observée depuis le début de l’année a logiquement entraîné une pression sur le prix des obligations Rallye en alourdissant son ratio loan-to-value. A la suite de la publication des résultats annuels, nous refaisons, dans cette étude, le point sur la qualité de crédit de la holding, son rating estimé et sa liquidité, qui reste selon nous très confortable sur 2018 et 2019. - >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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