|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||34.96 - 35.68|
|52 Week Range||27.29 - 50.08|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 26, 2020|
|Forward Dividend & Yield||3.12 (8.91%)|
|Ex-Dividend Date||May 09, 2019|
|1y Target Est||39.38|
(Bloomberg Opinion) -- A whole generation of tech startups was built on the premise that the most lucrative business models aim to connect people or businesses on one side of the marketplace with people or businesses on the other side.Whether Tinder, Uber Technologies Inc. or Airbnb Inc., the platform theory held that acting as a facilitator for someone else’s offering meant you could scrape off commission while maintaining an asset-light business whose low operational costs rewarded you with high profitability. But no one foresaw an event that would shut down a whole side of the marketplace, and the coronavirus pandemic has done just that. For Airbnb, self-isolation means that nobody is travelling. There is plenty of supply with millions of listings still on the site, but the demand has all but evaporated. The same goes for Uber rides.In food delivery, it’s the supply side that has difficulties. On the whole, services like Uber Eats, Grubhub Inc., Deliveroo and Just Eat Takeaway depend on existing restaurants to cook meals. But for many, if not most, of those restaurants, the main business was still preparing food for on-site dining. Now that’s not possible in the U.K., France, Italy and elsewhere, continuing to operate as a delivery-only operation fundamentally changes the economics of the business: Restaurants still have operating costs, except now they might have to direct a quarter of their income to the food delivery platforms. Many have simply shut their doors completely because they can’t make it work. Chinese delivery platform Meituan Dianping is already feeling the impact, as my colleague Tim Culpan wrote yesterday. (Uber Eats and Grubhub are trying to counter the trend by subsidizing some restaurant costs.)Which is why companies like HelloFresh SE and Blue Apron Holdings Inc., long the subject of Silicon Valley derision, suddenly seem to have very sensible business models. On the surface, they are similar to the food delivery platforms: They too deliver food.The difference is that, because they deliver meal kits they put together in their own kitchens, they control the supply, whereas a firm like Deliveroo has to worry about ensuring it has enough restaurants and customers. HelloFresh’s concern is simply demand. Even then, there’s less need for as high a density of demand than for takeaway food — though of course it helps. Because customers cook the meals themselves, there’s less anxiety about a dish congealing in the panniers of a moped. While Deliveroo has started operating some of its own kitchens, it still has to compete with Grubhub, Just Eat Takeaway and Uber Eats on two fronts. HelloFresh can concentrate on one: customers.The upshot is that business is soaring for the meal-kit firms. HelloFresh said Monday it’s expecting first-quarter sales of between 685 million euros ($750 million) and 710 million euros, up from 420 million euros a year earlier. Analysts had been expecting revenue of 553 million euros. The company anticipates adjusted first-quarter Ebitda of as much as 75 million euros — in just three months, it's set to make about three quarters of the profit that analysts had anticipated for the full year. Uber, which isn't expected to be profitable at all on a similar basis until 2022, has seen just a 10% jump in U.S. orders at its food delivery business, according to The Information.HelloFresh stock is up 70% this year, valuing the Berlin-based firm at 5.2 billion euros — more than Grubhub or grocers Casino Guichard Perrachon SA and Wm Morrison Supermarkets Plc. Beleaguered Blue Apron’s shares have jumped more than fourfold from a March 13 low, giving it a $156 million market capitalization, though its ability to capitalize on surging demand is more limited — it has been cutting costs in recent months. Meanwhile HelloFresh is expanding: It plans to add 400 employees at a site in Oxfordshire, near London, according to the BBC.Silicon Valley dogma tends to dictate that assets are bad. But in some instances, more control over the factors of supply can be very satisfying indeed.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
RELEASE OF THE 2019 ANNUAL FINANCIAL REPORT AND THE PRESENTATION TRANSCRIPT The Group has released its 2019 annual financial.
(Bloomberg Opinion) -- As lockdowns shutter stores and keep consumers cooped up at home, there will be many losers from the outbreak of the Covid-19 virus. But there will also be a few winners.Casino Guichard Perrachon SA, the French supermarket operator that’s been a target for short-selling hedge funds, is emerging as a beneficiary, in line with other grocers seeing a frantic stockpiling of food on both sides of the Atlantic.While Casino’s complex financial structure has long been a source of consternation, there are some jewels in its highly leveraged crown. These are the Monoprix and Franprix chains, both of which have strongholds in Paris.Between its brands, Casino has more than 40% of the Paris market, compared with 11.5% nationally, according to Charles Allen, an analyst at Bloomberg Intelligence. Much of French capital is served by small supermarkets, such as Franprix, which average around 5,300 square feet. This format has been particularly strong over recent weeks, as Parisians, like city dwellers worldwide, don’t want to venture too far from their homes to stock up on groceries. And while Monoprix’s clothing range will be under pressure, demand for food has rocketed.Casino should be able to capitalize on a boom in home delivery too. The company sells through Amazon and it just began testing an online grocery service with Ocado Group Plc. Its online non-food business Cdiscount is also expanding its grocery offer, and may benefit from increased demand for all kinds of electronics as people are forced to work from home.But as ever with the company controlled by Jean-Charles Naouri, things aren’t straightforward. Despite the upswing, Casino on Thursday gave no guidance and suspended its three-year targets, saying the coronavirus pandemic makes predictions impossible. Although free cash flow before disposals improved, the company’s ability to deliver cash in France has been disappointing over the past couple of years. While frantic shoppers in today’s environment should give Casino a boost, its weak cash generation and high leverage shouldn’t be overlooked. Moves to sell and lease back stores over the past two years add rental payments to its financial obligations.Net debt in France fell from 2.7 billion euros to 2.3 billion euros in 2019, helped by the asset sales. But overall borrowings rose from 3.4 billion euros to 4.1 billion euros, after Casino used debt to finance the simplification of its structure in Latin America.What’s more, Casino has decided to hit pause on its disposal program as it grapples with “unprecedented demand,” both in its stores and online. Still on the list to be offloaded is the Geant hypermarket business.The company is in the midst of a 4.5 billion-euro divestment program, having struck 2.8 billion euros of deals so far. Of this, about 1 billion euros worth have been signed, but not yet completed. When these transactions cross the finish line, Casino should be able to repay bonds due in 2021 and 2022. Still, Casino must agree another 1.7 billion of disposals to reach its targets. It’s confident it will still achieve them in time and it’s done a good job so far, with a better-than-expected price just this month from selling its Leader Price chain to German discount rival Aldi for example. But conditions could be rockier from here given the economic fallout from the coronavirus.The disposal program is important for both Casino and its parent Rallye, Naouri’s investment group. The proceeds are key for Casino to be able to resume paying dividends, and Rallye, which owns 52% of Casino, is counting on them. The debt-laden Rallye agreed a restructuring plan with the French courts last month that gives it 10 years to pay back 2.9 billion euros.Although the shares initially fell as much as 7.75% on Thursday, they ended up 1.7%, cementing their outperformance over the past month. So investors seem convinced it will continue to benefit from the current crisis. But as long-time followers of Casino know, even when the chips are looking up, there are always more spins to come.(Corrects Thursday’s share price move in final paragraph.)This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In addition to the press release published today on the 2019 results, the Group wishes to inform the market of the following additional information, related to the impact of the Covid-19 pandemic on its current activity and its 2020-2021 objectives. - A substantial increase in activity at Cdiscount, concerning both the new food offer deployed to meet customer demand and non-food everyday products.
RELEASE OF THE FULL YEAR 2019 EARNINGS PRESENTATION The Group has released its full-year 2019 earnings presentation on its website. It is available following this link:.
2019 FULL YEAR RESULTS Consolidated trading profit of €1,292m, up +5.5% at constant exchange rates (excluding tax credits) In France, Retail trading margin of 3.8% (+0.5pt.
Moody's Investors Service (Moody's) has today downgraded to B2 from Ba3 the long-term corporate family rating (CFR) and to B2-PD from Ba3-PD probability of default rating (PDR) of UK online grocery retailer and technology-driven software and robotics platform business Ocado Group plc (Ocado or the company). Concurrently the rating agency has upgraded to Ba2 from Ba3 the rating of Ocado's GBP225 million outstanding backed senior secured notes due 2024. The outlook has been revised to stable from rating under review and the rating action concludes the review process initiated by Moody's on 3 December 2019.
French retailer Casino's deal to sell to Aldi France the bulk of its Leader Price discounbt stores in France means it has now disposed of 2.8 billion euros ($3 billion) of assets in its debt reduction plan, it said on Friday. Casino, which is now ahead of its target to deliver 2.5 billion euros of asset sales by the end of March, also confirmed its goal to achieve a total of 4.5 billion euros of asset sales by the end of the first quarter of 2021.
Casino Group has signed an agreement with Aldi France for the sale of Leader Price stores and warehouses in mainland France, for 735 million euros Paris, March.
France's Auchan said on Friday it was reaping the first benefits of its revival plan which lifted 2019 operating profitability at its core retail arm. Auchan, however, warned of a potential impact of the coronavirus outbreak on its Chinese hypermarket operator Sun Art Retail which is already struggling amid fierce competition. About 27% of Auchan's revenue is earned in Asia.
Paris, 2nd March 2020, Casino, Guichard-Perrachon has been informed by its reference shareholder, Rallye, that on 28 February the Paris Commercial Court approved the.
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results...
Carrefour said on Thursday that its turnaround plan was well on track and raised its cost savings goal, after Europe's largest retailer delivered cost cuts of 1.030 billion euros ($1.1 billion) in 2019 and a higher free cash flow. The French supermarket retailer also reported a well-flagged 7.4% rise in 2019 operating profit, reflecting strength in Brazil and cost savings in France. Carrefour is in the midst of a five-year plan to cut costs and jobs, boost E-commerce investment in an effort to lift profits and sales and tackle the competition of E-commerce giant Amazon.
(Bloomberg Opinion) -- Ocado Group Plc, the British online grocer that’s morphed into a technology company, has always been a jam tomorrow stock. Now it’s asking shareholders to wait not just for the jam but the full afternoon tea.The specialist in automating how supermarket orders are filled on Tuesday announced that its 2019 pre-tax loss jumped to 214.5 million pounds ($277 million), from a loss of 44.4 million pounds a year earlier. Part of this was due to a damaging fire at its Andover warehouse almost exactly a year ago, which was unfortunate but Ocado has coped well with the disruption.What’s more worrying for investors is the impact of investment in its burgeoning international division, which has been striking deals to operate the online grocery businesses of chains from the U.S. to France and Japan. While that’s a credit to Chief Executive Officer Tim Steiner, who has been knocking on retailers’ doors for the the past five years, it means Ocado has an awful lot to do — and pay for. Ocado’s international technology arm could be more lucrative in the future, but for now, it’s a drain on capital. Consequently, Ocado said expenditure would more than double this year to 600 million pounds. Take away the impact of the warehouse fire, and that leaves a balance of just over 500 million pounds for building state-of-the-art warehouses that are fully equipped to pack grocery orders with limited need for humans.The majority of this will be spent on getting its automated warehouses up and running for international customers, including Casino Guichard Perrachon SA in France, Canada’s Sobeys Inc. and the U.S. chain operator Kroger Co. Some of the expenditure will be offset by expected fees from its international clients of more than 100 million pounds, but most of it is a down payment on future income once the systems are fully up and running. That doesn’t leave much scope for any unexpected hiccups in the meantime.Until those warehouses are open, Ocado cannot recognize the international revenue, but it must incur the costs. That showed in its 2019 results. Ocado invoiced fees of 81.4 million pounds to its international partners, an increase of almost 40%. But revenue from this arm was less than 1 million pounds, while it made a loss before interest, tax, depreciation and amortization of 62.1 million pounds. For this year, Ocado forecasts international revenue of less than 10 million pounds. Warehouses for Casino and Sobeys will be open for only part of the period. In the meantime, Ocado must continue its heavy spending. It had 751 million pounds in the bank at the year end, thanks to its deal to sell half of its U.K. retail business to Marks & Spencer Group Plc. It also raised 600 million pounds through a convertible bond issue after the year end. The company says this gives it plenty of headroom. But with such an investment burden over the next few years — it has also signed a deal with Aeon Co. in Japan — further calls on shareholders can’t be ruled out.And let’s not forget challenges closer to home. In September, M&S will replace Waitrose as Ocado’s supplier for its U.K. online supermarket, a massive changeover with huge execution risk.For now, investors appear confident that once the different warehouses are operational the fees will start to flow into profit and cash flow. The shares have risen by a third in the past year. Ocado’s enterprise value is currently just over 4 times forward sales, even ahead of Amazon.com Inc., on just over 3 times.This looks divorced from the reality of both Ocado’s spending needs, and the long haul to generate a return on its investment.To contact the author of this story: Andrea Felsted at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Years into a bond market bull-run, investors are banking on a brighter future for funds that buy the debt of financially troubled European companies whose bonds are offering meatier returns because they are more risky. With European economic growth expected to be subdued in 2020, and default rates tipped to rise, investors expect an increase in the number of companies that will struggle to service their debt. Private equity groups and asset managers are creating so-called special situation funds to identify suitable targets for these high-risk - and potentially high-reward - bets.
French government attempts to convince top global business that the country remains a great investment destination despite the longest-ever transport strike.
Vesa Equity Investment strengthens its position and announces that it has exceeded the threshold of 5% of the share capital of Casino, Guichard-Perrachon to reach 5.64% of.
(Bloomberg Opinion) -- French supermarket operator Casino Guichard Perrachon SA has been a favorite plaything for short-selling hedge funds. So for its recovery to take two steps backward is a blow for the group and its chief executive officer, Jean-Charles Naouri.The owner of the Monoprix and Franprix chains looked as if it was gradually getting out of the woods, with Casino making a series of disposals and completing a refinancing, and its parent Rallye SA attempting to work through its 2.9 billion euros ($3.2 billion) of net debt after entering a creditor protection program last year.But things are never so straight-forward for the two companies, which are inextricably tied. (Rallye is Naouri’s investment vehicle.) Now a profit warning, together with some bondholders rejecting Rallye’s plan to repay 1.6 billion euros of debt over 10 years, throw into question Casino’s nascent recovery.The retailer on Thursday halved its forecast for the expansion in trading profit in 2019 to 5%, after fourth-quarter retail sales were worse than expected. Strikes in France during the crucial holiday shopping period shaved about 2% off of its fourth-quarter sales. It wasn’t alone. Fnac Darty SA, which sells books, music, electronics and home appliances, also said the unrest over a proposed pension overhaul hurt its revenue. But Casino shares fell as much as 13%, the most in more than a year, indicating that investors weren’t convinced the problems are confined to the disruption.While both Casino and Rallye were saddled with debt, the underlying French business has been in acceptable shape, with exposure to faster growing segments such as convenience stores. If this stability is now under threat, that is a concern, not just for Casino’s progress, but Rallye’s restructuring too.Bondholders rejecting Rallye’s plan — with the company failing to win support in four out of five euro-bond classes — is a sign the coast isn’t yet clear on that front either. But the vote isn’t binding on the Paris court that’s set to rule on the plan by the end of March.However, the profit warning doesn’t make the situation any easier. First, Rallye’s main asset is its 52% holding in Casino, so a weaker share price might make creditors, particularly the banks, feel less comfortable with the plan. Second, the revised profit guidance makes it even more difficult for Casino to generate cash to pay the dividends to Rallye that are necessary for the group to reduce its own borrowings.Casino has said that it will not make a distribution this year. After that it can make a payment, but its ability to do so will be capped by the terms of its recent refinancing. There could be special dividends from a sale of the Leader Price discount chain to Aldi, which is being discussed, or offloading assets in Latin America, but returning to regular pay-outs looks even more challenging.Of course the share price decline may have another effect: Making a takeover of Casino more likely. Rivals in France’s highly competitive supermarket industry, such as Carrefour SA, have a duty to a look to see if they can make hay from the retailer’s misery. Casino also has an online partnership with Amazon.com Inc. It’s also worth watching what Czech billionaire Daniel Kretinsky and his partner Patrik Tkac have up their sleeves after they acquired a 4.6% stake in Casino last year.But until any suitor shows their hand, Casino investors and bondholders face the prospect of a long, drawn out grind toward better times. As for short sellers, they get another spin of the wheel.\--With assistance from Marcus Ashworth.To contact the author of this story: Andrea Felsted at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Casino Guichard-Perrachon’s stock plummeted on Friday after the French food retailer slashed its profit forecast amid transport strikes.