Casino | Rallye - comment

Rallye, controlled by Foncière Euris, which in turn is controlled by Jean-Charles Naouri, holds 52% of the shares (and 64.5% of the voting shares) in Casino as a result

Tomás Mannion19 June 2023CASINO, RALLYE

Casino/Rallye path becoming clearer - Positioning

Please find our unchanged analysis here.

Recent events suggest Casino will pursue a conciliation/Sauvegarde Accélérée option now / early, with the proposed Teract merger forming the core of the plan as

Tomás Mannion26 April 2023RALLYE, CASINO

Rallye — Comments

Rallye received approval from the Courts yesterday for the sale of GoSport to Hermione People & Brands (HPB). This was

Tomás Mannion8 December 2021CASINO, RALLYE

Casino - No closing time, keep playing

Please find our updated analysis here.

Trying to assess the next steps of Casino management often proves an impossible task, but with recent events, perhaps nothing is an option. Earlier

Tomás Mannion16 November 2021CASINO, RALLYE

Rallye/Casino - kick the can down the road

Please find our updated model on Rallye here. We will update the Casino model post the Q3 (sales) results due to be released next Thursday 4th November.

Many analysts, including ourselves, have

Tomás Mannion27 October 2021CASINO, RALLYE

Cnova - planning world domination

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:

Tomás Mannion7 June 2021CNOVA, CASINO, RALLYE

Casino - fewer moving parts

We have updated our model here.

Following the refinancing in December, the question remains: Where next? Over the last two years, the moving parts of the company and its value pockets have become increasingly well defined. This leaves the long end of the curve increasingly dependent on

Tomás Mannion26 January 2021CASINO, RALLYE

Rallye - tendering, replication and optionality

Please find our all new model on Rallye here.

Rallye are opportunistically tendering for a portion of the unsecured Rallye debt, via a modified Dutch Auction, between 12.5% and 20% with proceeds of a new Fimalac financing of

Tomás Mannion26 January 2021CASINO, RALLYE

Rallye - At the money option

Somewhat sooner than we had anticipated Naouri has begun bidding for the unsecured creditors of Rallye SA at steep discounts.

While leverage increases ahead of the

Tomás Mannion22 January 2021CASINO, RALLYE

Insights on food retail during Covid-1 from Casino Q1 Sales update

Yesterday’s Casino Q1 call gave interesting insights into a grocer’s sales and EBITDA under Covid-19. Extrapolating these effects to Iceland for instance lends further support to our position in that name.

Tomás Mannion24 April 2020CASINO, RALLYE

Rallye with belt and suspenders

While we are updating our Casino model, the Rallye agreement with Fimalac is good news for bondholders.

Rallye had previously

Wolfgang Felix30 March 2020CASINO, RALLYE

Agreement to sell Leader Price to Aldi

Casino continue to make progress on their asset disposals with a further €735m of proceeds for the sale of Leader Price. This is above

Tomás Mannion20 March 2020CASINO, RALLYE

Rallye PIK implications.