Morningstar

Morningstar, Inc.

Equity Bottom-Up

Rallye Group (and its subsidiaries Fonciere Euris, Finatis and Euris), no-moat Casino's parent company (52% of Casino's share capital), announced on 23 May that it had requested and obtained the opening of safeguard proceedings for six months. According to a press release, Casino is not concerned by these proceedings, while Rallye and its subsidiaries have today pledged nearly all of their shares as collateral to access credit lines. The press release also said that pending the approval of a…

Casino Group reported a first-quarter sales update with group sales up 3.0% on a same-store basis (4.3% organic growth), in line with our annual expectations. Management confirmed its annual guidance (10% trading profit growth excluding property, EUR 500 million free cash flow in France before dividends and financial expenses, Latin America and Cdiscount EBITDA margin improvement). Given this mostly in-line print, we maintain our no-moat rating and EUR 32 fair value estimate
French retail…

<p>Casino Group reported fiscal-year 2018 results with full-year group sales up 3.0% on a same-store basis and 4.7% organic growth, as previously disclosed in the fourth-quarter sales report, in line with our expectations. On the contrary, group trading profit was EUR 1,209 million, slightly lower than our 1,223 million estimate. Management introduced guidance for the next three years of 10% EBIT growth for the French retail business, 20 basis points annual French retail EBITDA and EBIT margin…</p>

France

Casino Guichard-Perrachon SA operates a wide range of hypermarkets, supermarkets, and  convenience stores.  The Company operates in Asia and Europe.

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