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Casino

Casino is France's fourth largest grocer with a market share of 11.3%. It has a strong retail market position in Brazil too through its interest in Grupo Pão de Açucar (GPA) in which it now indirectly controls 100% of its voting rights through Wilkes after a deal reached with the Diniz family. It also owns 55.3% of Exito, a leading food retailer in Colombia, which holds half of the group's stake in GPA. Cnova NV, an online retail platform is directly/indirectly 71% controlled by Casino. Casino also has a 25% shareholding in Mercialys group, a listed property investment company, as a result of selling down its majority ownership in 2012 and after a 15% equity swap in Jul 2018. At 31 Dec 2017, Mercialys owned a portfolio worth €3.7 bn comprising 63 assets including 57 shopping centres and high-street sites. As of 30 Jun 2018, Casino was 51.4% (64.3% votes) owned by Rallye SA, a company ultimately owned by Mr. Naouri, a French business man. (23 Oct 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

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.

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

Casino: Rallye Operating Subsidiary Disposal

Worth Watching: 22 Oct 2018, 6:07 AM ET - Casino (COFP: Ba1/BB/WD) where we hold an Underperform opinion relative to our investment grade/fallen angel European retail coverage, will have noted that its parent, Rallye's (RALFP: not rated) operating subsidiary, Go Sport , has entered into ..
Focused

Casino: Still Awake at Night After 18 Oct 18

HY Note: 19 Oct 2018, 4:41 AM ET - Mixed company-specific newsflow hasn't persuaded us to become more constructive on Casino bonds.    

Euro HY: The Month in Pictures September 2018

Euro HY Market Trends: 03 Oct 2018, 9:58 PM ET - The euro high yield index rose in September with the ICE/BAML Euro HY index delivering 0.31% in total returns over the month but HY Construction had a tough month.
Focused

Casino: Synallagmatically Speaking

Worth Watching: 01 Oct 2018, 6:05 AM ET - Casino (Ba1/BB/WD), where we hold an Underperform opinion relative to our investment grade and fallen angel European retail coverage, announced this morning (1 Oct 2018) that it has signed a synallagmatic agreement with an unnamed "major instit ..
Focused

Carrefour and Casino: Families at War?

Worth Watching: 26 Sep 2018, 9:52 PM ET - Carrefour and Casino observers might wonder whether they should be positioning for a probability of some sort of transaction between the two companies (long HY Casino, short IG Carrefour) despite the tone of their respective pre-opening press r ..
Focused

Casino and Carrefour: Not a Meeting of Minds

Worth Watching: 24 Sep 2018, 5:48 AM ET - Casino and Carrefour : Casino (Ba1/BB/WD) announced this morning that its board had met on 23 Sep and had unanimously decided to reject an approach by Carrefour (Baa1/BBB+/BBB+). Separately, Carrefour denied having solicited Casino and reaffirm ..

Euro HY: The Month in Pictures August 2018

Euro HY Market Trends: 05 Sep 2018, 5:45 AM ET - After a relatively good July, the euro high yield index ended August in negative territory. The index delivered total returns of -0.20% over the month. The yield on the index rose to 3.39% in August, 149 bp above its end of 2017 level.
Focused

Casino: Animal Spirits

Worth Watching: 03 Sep 2018, 5:52 AM ET - Casino (COFP: Ba1/BB/WD) bonds and shares have had an unhappy August. The yield on Casino's 1.865% €750 mn due 13 Jun 2022, tapped in Jan 2018, had risen to 6.4% at Friday's close (31 Aug 2018) from 3.1% at the end of July. During this period, ..
Focused

Metro AG: F3Q18 - Still Shuffling Along

Worth Watching: 02 Aug 2018, 5:57 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we now have a Market perform opinion, updated this morning with latest quarterly results (to 30 June 2018) which looked neutral for the bonds. Another weak quarter for this perennial momentum-less restructuri ..
Focused

Casino Summary 1H18: Still U/P

Earnings Note: 26 Jul 2018, 7:11 AM ET - Casino reported summary 1H18 results this morning that added more complexity.

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

Casino: 2Q18 Sales – A Top Line Narrow Win

Worth Watching: 17 Jul 2018, 5:58 AM ET - Casino (COFP: Ba1/BB+/WD), where we hold an Underperform opinion on the bonds relative to our investment grade and fallen angel European retail names, announced this morning its sales update for 2Q18. Performance in France was solid, albeit tot ..
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 ..
Focused

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 ..

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