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Auchan

Auchan Holding is 88.5% owned by companies belonging to the Association Familiale Mulliez (AFM), the corporate vehicle of a wealthy French family, with almost all of the balance (10%) owned by employees of the company. The company is part of what appears to be a large network of other private companies owned by the family whose financial positions are undisclosed. The group is heavily dependent on the hypermarket store format, which accounted for 82% of total group sales in 1H15 (last time reported), followed by supermarkets (14%). By geography, the group's domestic market, France, accounted for 35% of total group sales in FY17. Western Europe ex. France (Spain, Italy, Portugal and Luxembourg) accounted for 19%, with the 'Rest of the World' (Poland, Hungary, Romania, Ukraine, Russia, mainland China - Sun Art Retail group - Taiwan, Vietnam and Senegal) making up the balance of 46%. (10 Sep 2018)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Auchan: Oney Bank Sale?

Worth Watching: 06 Dec 2018, 4:11 AM ET - Auchan (NR/BBB/NR) is in negotiations to sell Oney bank to Santander for €500 mn, per Bloomberg news. The reported amount is not far off Oney's tangible net assets of €538 mn at 31 Dec 2017, but it might also include settlement of intercompany ..

Carrefour: New Euro Bond

IG Note: 26 Nov 2018, 6:04 AM ET - Carrefour (CAFP: Baa1/BBB+/BBB+) is in the euro market for the second time this year with another €500 mn bond.  

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

Auchan: Family Secrets

Worth Watching: 12 Oct 2018, 7:33 AM ET - Auchan (AUCHAN: NR/BBB/NR), where we hold an Underperform opinion relative to its IG/fallen angel European retail peers, announced on 10 Oct 2018 that a family member has replaced a family company veteran as the head of the management board of ..
Focused

Auchan 1H18: Weak After a Chinese Takeaway

Earnings Note: 31 Aug 2018, 12:22 PM ET - Auchan reported 1H18 results that indicated deepening EBIT losses ex its 36% economic interest in China’s Sun Art Retail.  

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 
Focused

French Grocers: Competition Ref Blows the Whistle

Worth Watching: 16 Jul 2018, 10:49 AM ET - French Grocers , Auchan, Carrefour and Casino, will have noted that France's Competition Authority (CA) will be starting an inquiry into all three of their announced purchasing alliances - Carrefour with Système U, the Casino/Auchan/Schiever and ..

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  
Focused

Casino and Auchan: Talks

Worth Watching: 03 Apr 2018, 5:55 AM ET - Casino and Auchan , where we hold an Underperform opinion on both names relative to our IG/fallen angel European retail coverage, announced this morning that they have entered into exclusive talks to develop common global purchasing with their ..
Focused

Auchan: FY17- Profits Dive But Dividends Jump

Worth Watching: 09 Mar 2018, 2:40 PM ET - Auchan (AUCHAN: NR/BBB+/NR), where we hold an Underperform opinion relative to its IG/fallen angel European retail peers, announced weak results for the year to 31 Dec 2017 today (9 Mar 2018). Auchan's European businesses collectively had a dis ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  
Focused

Auchan: Board Games

Worth Watching: 03 Jan 2018, 2:10 PM ET - Auchan (NR/BBB+/NR), where we maintained our Underperform opinion after assessing what will drive European retail bond spreads in 2018, announced further corporate governance changes effective from 1 Jan 2018. These followed a legal structural ..

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