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26 Jul 2019
CASINO GUICHARD: Heading towards a 1.4x net debt/EBITDA in France by 2020 | NEUTRAL | EUR38 vs. EUR43 (+15%)

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CASINO GUICHARD: Heading towards a 1.4x net debt/EBITDA in France by 2020 | NEUTRAL | EUR38 vs. EUR43 (+15%)
Casino, Guichard-Perrachon SA (CO:PAR) | 0 0 0.8% | Mkt Cap: 5,066m
- Published:
26 Jul 2019 -
Author:
Clement Genelot -
Pages:
4 -
CASINO GUICHARD - NEUTRAL | EUR38 vs. EUR43 (+15%)
Heading towards a 1.4x net debt/EBITDA in France by 2020
French EBIT guidance is not questioned despite no LfL acceleration in H2
Disposals and dividend cut to lower French net debt to EUR1.5bn by 2020…
…but we wonder what levers could be activated beyond 2020 to maintain net debt below EUR1.5bn
Neutral confirmed given the risks implied by Rallye’s safeguard proceedings