CO.PA - Casino, Guichard-Perrachon Société Anonyme

Paris - Paris Delayed Price. Currency in EUR
37.46
-1.59 (-4.07%)
At close: 5:35PM CEST
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Previous Close39.05
Open39.08
Bid0.00 x 0
Ask0.00 x 0
Day's Range37.46 - 39.30
52 Week Range25.37 - 47.58
Volume558,633
Avg. Volume524,890
Market Cap4.013B
Beta (3Y Monthly)0.62
PE Ratio (TTM)N/A
EPS (TTM)-3.07
Earnings DateJul 24, 2019 - Jul 29, 2019
Forward Dividend & Yield3.12 (7.97%)
Ex-Dividend Date2019-05-09
1y Target Est39.38
  • Financial Times

    What paying Berlin to borrow for 30 years tells us about Europe

    When the European Central Bank was building its new headquarters on the banks of Frankfurt’s Main river, stenciled on one of the hoardings around the construction site was an image of a suave Mario Draghi at the roulette table, chips stacked, with Angela Merkel the glamourpuss, at his side. The graffito, dubbed Casino Royale, symbolised an era when markets viewed the ECB’s urbane central bank chief as a James Bond-style figure who would bet the house and win the battle to save Europe from disaster. Cut to 2019, and the spectre of an ever-worsening global trade war is scaring the living daylights out of European investors to the extent that even Mr Draghi’s cunning is not enough.

  • A Famous Paris Grocery Worries About the Sales
    Bloomberg

    A Famous Paris Grocery Worries About the Sales

    (Bloomberg Opinion) -- The French supermarket chain that owns Paris’s ubiquitous Monoprix stores is selling more of its assets to pay down its debt. Let’s hope all of the disposals make sense for the company, rather than just being a way to restart dividend payments to its struggling parent Rallye SA, the investment vehicle of Jean-Charles Naouri. The grocery company, Casino Guichard-Perrachon SA (where Naouri is also chairman and chief executive), on Tuesday said it had identified another 2 billion euros ($2.2 billion) of assets to be offloaded over the next 18 months. This would be on top of an initial 2.5 billion euro disposal program due to be completed by early next year. At first glance this looks like good news, with Casino’s shares rising 4%. But it’s interesting that Rallye’s rose by 14%. Casino’s net debt within its French retail business stood at 2.9 billion euros at the end of June, down from 4 billion euros at the same time last year. Selling another chunky tranche of assets would help bring that down significantly.Unfortunately Casino hasn’t said yet what will be included in the new sale, beyond that the assets will be in France.The company says it wants to focus on e-commerce, as well as premium and convenience retailing. That would appear to privilege its Cdiscount, Monoprix and Franprix formats, and implies disposals elsewhere such as in hypermarkets, supermarkets and its Leader Price discount division. It’s hard to see that generating 2 billion euros, though.The worry is that the plan involves selling off more of the company’s real estate and renting it back, particularly sites used by Monoprix and Franprix stores around Paris. That approach was a feature of the first tranche of disposals.Casino plays down the risks of this strategy. For example, when it sells property it usually signs nine-year rental deals on the sites after which it has the right to renew the terms. Still, there’s a danger that the retailer ends up with a store estate that’s substantially leased, reducing its financial flexibility and exposing it to future rent increases.The French company has suspended its dividend, a wise move as it restructures the business. But Rallye, which owns 52% of the group, will no doubt be eager to see a quick resumption as it tries to cut its own 2.9 billion euros of net debt. The parent group is in a creditor protection program at present.Charles Allen, an analyst at Bloomberg Intelligence, says Casino may want to be debt free before reinstating the shareholder payout, indicating that payments will resume when that happens. This would explain why Rallye’s shares and bonds moved higher on Tuesday morning.Casino is also working toward putting its Latin American assets into a single entity, in which it will hold a 41.4% stake. That could pave the way to a partial disposal and a special dividend, which would send more cash in Rallye’s direction.The grocer did a good job of exerting its independence from its parent by shelving the dividend. Mortgaging its future to help pay Rallye’s debts would be a step in the wrong direction.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or 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/opinion©2019 Bloomberg L.P.

  • France’s Casino to Sell Another $2.2 Billion Worth of Assets
    Bloomberg

    France’s Casino to Sell Another $2.2 Billion Worth of Assets

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.French supermarket operator Casino Guichard-Perrachon SA said it plans a second round of asset disposals that would raise an additional 2 billion euros ($2.2 billion) as it tries to reduce its debt.The transactions, which would follow a first phase of 2.5 billion euros worth of divestitures, will be completed by the end of the first quarter of 2021, Casino said Tuesday. The stock rose as much as 2.6% to a three-month high.As its market share shrinks in France, Casino is wrestling with concerns over its net debt, which the company said stood at 4.7 billion euros at the end of June. Short sellers have targeted the retailer, saying distressed parent Rallye SA is relying on unreasonably high dividends to survive. Last month, Casino canceled next year’s dividend payment to shore up cash.The new assets earmarked for sale are in France, where Casino is locked in fierce price competition with the likes of Carrefour SA and E. Leclerc. The company, which didn’t specify what it plans to sell, said it’s focusing on premium, convenience and e-commerce segments in its home market, where it owns the Monoprix chain.What Bloomberg Intelligence SaysThe latest plan “suggests the company thinks it needs to be debt-free to allow cash flow to again be used for dividends should parent Rallye emerge from its ‘Safeguard’ procedure.”Charles Allen, retail analystClick here to read the pieceMost likely Casino will dispose of real estate and unprofitable stores while reducing exposure to hypermarkets, wrote Maria-Laura Adurno, an analyst at Morgan Stanley. Most of its real estate sales have been followed by leasebacks, which add rental costs, she added.The retailer may need to sell the Leader Price discount chain, which is worth 130 million euros, or its stake in real estate venture Mercialys SA or e-commerce unit Cnova, said Clement Genelot, an analyst at Bryan Garnier.Rallye filed for protection from creditors in May in a bid to help save the group from collapse. Casino is approaching the end of the first phase of disposals, having agreed to sell 2.1 billion euros of assets. Many of the deals so far have been real estate sales, including 26 stores sold to Fortress Investment Group for as much as 501 million euros.The retailer’s 720 million euros of bonds due in January 2023 jumped 3 cents on the euro to a two-month high of 88 cents, data compiled by Bloomberg show.(Updates with shares in second paragraph, analyst comment in fifth)\--With assistance from Lisa Pham and Katie Linsell.To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Thomas MulierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    French retailer Casino plans to offload €2bn more in assets

    Casino has outlined plans to sell an additional €2bn in assets as the French retailer looks to slice its debt and focus on key markets. The announcement on Tuesday comes as part of a broad restructuring led by chief executive Jean-Charles Naouri to shore up the company’s financial position. It had already sold €2.1bn in non-core assets as part of a previously-announced €2.5bn programme, the company said.

  • GlobeNewswire

    Casino Group: The Casino Group completes its strategic plan and accelerates its execution

    The Casino Group completes its strategic plan and accelerates its execution in order to focus its development on buoyant segments, adapted to market changes. In this context, the Board of Directors approved new asset arbitrations, in France, for a target amount of €2 billion by the end of the first quarter of 2021.

  • GlobeNewswire

    Casino Group: Casino Board of Directors decides on a final amendment to its offer to acquire Éxito’s 50% of Segisor

    Following the announcement made on July 25th regarding a project aiming at the simplification of Casino Group's structure in Latin America, Casino announces that today, its Board of Directors approved a final amendment to its offer to acquire Éxito's equity interest in GPA indirectly held through the French company Segisor.

  • Bloomberg

    French Lenders Nurse Huge Losses on Loans Made to Retail Giant

    (Bloomberg) -- Credit Agricole SA and Natixis SA are among French lenders nursing losses on loans made to Rallye SA and other parent companies of retailing giant Casino Guichard-Perrachon SA, which are creaking under more than 3 billion euros ($3.3 billion) of debt.Natixis made a provision for credit losses of 110 million euros in the second quarter because of its loans to Rallye, which filed for creditor protection in May, according to a person familiar with the matter. Credit Agricole added 69 million euros to cover soured debts at the division that houses corporate and investment banking mostly because of the exposure to the same company, according to a separate person. The people asked not to be named because the matter is private.Representatives for the lenders declined to comment.This is the first tangible impact of Casino group’s troubles on its lenders. For years, banks have been lending to the holding companies of Casino, allowing founder Jean-Charles Naouri to keep control of the business. The retailer’s struggles against new market entrants and a mistimed expansion in South America weighed on its profitability and ability to repay the debt, eventually forcing the holding units to file for creditor protection.Rallye, the largest of these firms, had 1.8 billion euros of bank loans outstanding at the end of June, of which 210 million euros are unsecured.Casino also told investors last month Rallye and other parent companies have an additional 323 million euros of structured financing arrangements secured by share pledges. Societe Generale SA won a court ruling in Paris last month that allows it to call on the pledge even if Rallye is under creditor protection.Societe Generale’s net cost of risk rose to 314 million euros in the second quarter because of a number of troubled corporate loans, including those to Rallye, a separate person familiar said.A spokesman for the bank said that the company’s cost of risk stayed at a low level, with a limited impact stemming from a few specific situations. He declined to comment on individual clients.\--With assistance from Luca Casiraghi.To contact the reporters on this story: Donal Griffin in London at dgriffin10@bloomberg.net;Gaspard Sebag in Paris at gsebag@bloomberg.net;Lucca de Paoli in London at gdepaoli1@bloomberg.netTo contact the editors responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net, Sara Marley, James AmottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Thomson Reuters StreetEvents

    Edited Transcript of CO.PA earnings conference call or presentation 25-Jul-19 6:45am GMT

    Half Year 2019 Casino Guichard Perrachon SA Earnings Call

  • GlobeNewswire

    Groupe Casino: Release of the Half Year 2019 Earnings Presentation and Financial Report

    RELEASE OF THE HALF YEAR 2019 EARNINGS PRESENTATIONAND FINANCIAL REPORT The Group has released its half year 2019 earnings presentation on its website. It is available.

  • GlobeNewswire

    Groupe Casino: First Half 2019 Results and Second Quarter 2019 Net Sales

    Acceleration of activity growth in France for all banners Confirmation of full-year 2019 profit and cash flow objectives, in line with rapid progress in cost reductions.

  • GlobeNewswire

     Groupe Casino : Casino Board of Directors decides on the proposal of GPA to launch an OPA on Éxito

    Paris, on July 25th, 2019 On July 24th 2019, in the context of the project that would lead to the simplification of Casino Group's structure in Latin America, the Board of.

  • GlobeNewswire

    Signing of purchase pledges for the sale of three Géant Casino hypermarkets for €42 million

    The Casino Group has signed new purchase pledges as part of its strategy to dispose of structurally loss-making stores (hypermarkets, supermarkets, Leader Price stores). The sale of the real estate and business of the hypermarket in Marmande (47) to an experienced retailer that intends to convert the store to the U banner. The signed pledges provide for the transfer of the employment contracts of the stores’ employees to the buyers in accordance with French rules.

  • GlobeNewswire

    Casino Group: Casino Group has signed an agreement with GBH to sell its subsidiary Vindémia, the leading retailer in the Indian Ocean, for 219 million euros

    Paris, 22 July 2019, Casino Group and GBH announce, today, the signature of a unilateral purchase agreement to sell Vindémia, for an enterprise value of 219 million euros..

  • GlobeNewswire

    Casino Group: Clarification of Casino following the communication of Rallye

    Following the press releases issued by Rallye, Foncière Euris and Finatis on 12 July 2019 relating to structured financing arrangements, Casino, Guichard-Perrachon ("Casino") confirms that these operations have no impact on the control exercised by Rallye and its holding companies over Casino. In addition, Casino points out that the loss of control of Casino by Rallye or its holding companies would have no legal impact on Casino's debt and would not constitute an event of default, neither under the bank financing documentation nor the bond financing documentation of Casino.

  • Moody's

    Casino Guichard-Perrachon SA -- Moody's announces completion of a periodic review of ratings of Casino Guichard-Perrachon SA

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Casino Guichard-Perrachon SA and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

  • Investors Who Bought Casino Guichard-Perrachon Société Anonyme (EPA:CO) Shares Five Years Ago Are Now Down 66%
    Simply Wall St.

    Investors Who Bought Casino Guichard-Perrachon Société Anonyme (EPA:CO) Shares Five Years Ago Are Now Down 66%

    Statistically speaking, long term investing is a profitable endeavour. But that doesn't mean long term investors can...

  • GlobeNewswire

    Casino Group: Casino Group has completed the sale of 3 hypermarkets, 4 Casino supermarkets and 1 Leader Price store and received 39 million euros

    Casino Group has completed the sale of 3 hypermarkets, 4 Casino supermarkets and 1 Leader Price store and received 39 million euros Paris, 2 July 2019, Following the.

  • GlobeNewswire

    Casino Group: Casino Group has completed the sale of R2C to Compass Group Plc.

    Casino Group has completed the sale of R2C to Compass Group Plc. Paris, 1 July 2019, Following the signature of an agreement in February 2019 with Compass Group Plc., Casino.

  • GlobeNewswire

    Casino Group: Casino Group has completed the sale of 3 hypermarkets, 11 Casino supermarkets and 16 Leader Price stores and received €58 million

    Casino Group has completed the sale of 3 hypermarkets, 11 Casino supermarkets and 16 Leader Price stores and received €58 million Paris, 27 June 2019,.