Cnova’s Q3 sales numbers don’t provide any comfort to Casino as the business continues to deteriorate. Headline numbers are down c.

It may be a case of moving the deckchairs around on the Titanic, but Cnova have appointed a new CFO, with immediate effect. Yves Trézières, previously at

Please find our unchanged analysis of Rallye/Casino here and an updated addendum for Cnova here.

Unlike the African prince, who used to urgently need our money to open up a bank account, promising in return to share his outlandish inheritance,

Please find our unchanged analysis on Casino/Rallye here.

The announcement this morning that Cnova was postponing/canceling their capital raising was a surprise to us, given just last week

Please refer to our unchanged analysis here.

Cnova have released a 157 page presentation this morning in line with their analyst call in order to raise an additional €300m of capital from a primary IPO. But where does that leave Casino?

Conclusion:

lease find our unchanged analysis of Cnova here.

Cnova released press statement this morning outlining their plans to raise c.€300m in a primary offering this year. Although we

Please find a simplified historic model on Cnova here.
Several clients and others in the market have talked about the potential upside to Casino structure and share price of the recent share price rally of Cnova. We have