Casino faces three years of hurdles: challenging covenants to meet in Q1 and Q3 of 2023, 2024 and 2025, EUR725m of bonds to be refinanced in Q1 2024 and a special dividend of EUR4.5bn to rescue Rallye due by Q1 2025. But Casino is essentially embarking on this race without being equipped for it with its long-standing internal issues and its limited room to manoeuvre. With too many assets to be sold, we see a rising risk of covenant breach, default or safeguard proceeding. PT lowered to EUR7 and Sell reiterated as we do not see any upside for shareholders.