Casino: Oddo adjusts target price

(CercleFinance.com) - Oddo maintains its Neutral rating on the Casino stock, having adjusted its target price to 36 euros (vs.
40 euros) after the retail group unveiled its 2018 results.

Oddo believes that the group's 2018 operating profit is in line, while its net attributable earnings are 4% below expectations. The broker highlights a slight disappointment in terms of debt, FCF and WCR in France (as was the case in 2017).

Oddo also highlights the ambitious targets for 2019 and the 1 billion euros of additional disposals (once again probably the sale of Monoprix premises).

Finally, the broker has raised the level of debt, which is stable for Rallye in 2018 (2.8 billion euros), whose financial stakes remain full through to 2020.



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