Casino’s Q4 and FY21 performance was below our estimates and market consensus. Although the group’s sales and EBITDA were in line, net income was a disappointment. Among other red flags, the same stores sales was weak in the initial weeks of FY22, net debt has increased and doubts remain over the resumption of the dividend in 2022. Although the share price decline is much more than warranted, we will reduce our estimates and target price.
25 Feb 2022
Lagging on multiple fronts!
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Lagging on multiple fronts!
- Published:
25 Feb 2022 -
Author:
Nishant Choudhary -
Pages:
4
Casino’s Q4 and FY21 performance was below our estimates and market consensus. Although the group’s sales and EBITDA were in line, net income was a disappointment. Among other red flags, the same stores sales was weak in the initial weeks of FY22, net debt has increased and doubts remain over the resumption of the dividend in 2022. Although the share price decline is much more than warranted, we will reduce our estimates and target price.