Why Read?

• Understand our various hypothetical restructuring, M&A and partnership scenarios to achieve a sustainable capital structure and turn around the Casino France Retail business
• Understand recovery rates for Casino’s TLB, SSNs and SUNs under these scenarios
• Understand base, bear and bull case financial projections, valuation and sensitivities for Casino France Retail

What’s New?

• 6 hypothetical restructuring, M&A and partnership scenarios analysed – variously incorporating roles for EP Global, Teract  / InVivo (partnership rather than merger), Casino’s creditors, Intermarche and Carrefour
• Potential upside levers for EBITDA and (unleveraged) FCF at Casino France Retail
• Financial projections, valuations and sensitivities for Casino France Retail – base, bear and bull cases
• Analysis of possible partnership with Teract / InVivo, and synergies therefrom, despite cessation of discussions regarding a merger of Casino’s France Retail business with Teract’s retail operations

Questions Answered

• Which restructuring, M&A, partnership and turnaround solutions could help Casino France achieve a sustainable FCF trajectory?
• Are there structural impediments to increasing Casino France Retail’s sales density?
• What magnitude of synergies could be achieved through partnerships in bakery and fruit & vegetables with Teract / InVivo?