Casino’s top-line performance was strong, akin to other European grocers. While the panic buying is a temporary phenomenon, we note a strong improvement of €67m in the French EBITDA (+190bp yoy, according to our calculation). The retailer is well placed vs close competitors to tackle the ongoing crisis, on the back of a higher reliance on proximity formats and better developed e-com business. We maintain a positive stance on the stock.
27 Apr 2020
An all-round performance
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An all-round performance
Casino, Guichard-Perrachon SA (CO:PAR) | 0 0 0.8% | Mkt Cap: 5,066m
- Published:
27 Apr 2020 -
Author:
Nishant Choudhary -
Pages:
4
Casino’s top-line performance was strong, akin to other European grocers. While the panic buying is a temporary phenomenon, we note a strong improvement of €67m in the French EBITDA (+190bp yoy, according to our calculation). The retailer is well placed vs close competitors to tackle the ongoing crisis, on the back of a higher reliance on proximity formats and better developed e-com business. We maintain a positive stance on the stock.