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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Casino Guichard-Perrachon    CO   FR0000125585

CASINO GUICHARD-PERRACHON

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Casino's Brazil Unit Agrees to Sell Via Varejo Stake

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06/12/2019 | 11:35am EDT

By Anthony Shevlin

Casino Guichard-Perrachon Brazilian subsidiary Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR) said Wednesday that it approved the sale of its stake in electronics retailer Via Varejo.

Grupo Pao de Acucar, which has a network of over 1,100 stores in Brazil, said it would accept a minimum price of 4.75 Brazilian reais per share for its 36.27% stake in Via Varejo.

The company said it received a letter from Michael Klein--whose family owns a 25.43% stake in Via Varejo--saying he would submit individually, or with other investors, one or more purchase orders for Pao de Acucar's shareholding for a maximum price of BRL4.75.

Pao de Acucar said it would keep the market and shareholders informed of any new information related to the sale.

Last year, Raymond James analysts said Casino's activity in Brazil had been detrimental to investor perception.

"We believe that corporate action might be among the much-needed short-term catalysts to reassure investors," Raymond James said, and highlighted the long-expected disposal of Via Varejo in Brazil as a potential action.

The French retailer is currently in the midst of an asset-disposal program. Bryan Garnier analysts said the sale of Via Varejo remained a major catalyst to ease market concerns.

Casino has been also been beset by a string of bad news in recent months, including rating downgrades by Standard & Poor's and Moody's.

Last month, its shares were halted following a sharp fall after shares in its parent company, Rallye, were suspended from the Euronext Paris exchange.

HSBC analysts say both the shrinking of Casino's business and its margin-maximization strategy could undermine the French group's long-term strategic position

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

Stocks mentioned in the article
ChangeLast1st jan.
CASINO GUICHARD-PERRACHON -0.40% 32.49 Real-time Quote.-10.59%
COMPANHIA BRASILEIRA DE DISTRIBUICAO -0.93% 91.14 End-of-day quote.14.53%
EURO / BRAZILIAN REAL (EUR/BRL) 0.10% 4.205 Delayed Quote.-5.66%
RALLYE -0.61% 4.87 Real-time Quote.-45.95%
VIA VAREJO 0.00% 24 End-of-day quote.0.00%
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Financials (EUR)
Sales 2019 37 379 M
EBIT 2019 1 239 M
Net income 2019 340 M
Debt 2019 3 731 M
Yield 2019 9,21%
P/E ratio 2019 10,9x
P/E ratio 2020 9,95x
EV / Sales2019 0,19x
EV / Sales2020 0,18x
Capitalization 3 492 M
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Technical analysis trends CASINO GUICHARD-PERRACHON
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 37,19  €
Last Close Price 32,49  €
Spread / Highest target 72,4%
Spread / Average Target 14,5%
Spread / Lowest Target -26,1%
EPS Revisions
Managers
NameTitle
Jean-Charles Henri Naouri Chairman & Chief Executive Officer
Julien Lagubeau Chief Operating Officer
Antoine Marie Remi Giscard-d'Estaing Chief Financial Officer & CEO-Corporate Finance
Gilles Pinoncély Non-Independent Director
Gérald de Roquemaurel Independent Director
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