(BFM Bourse) – The distribution group announced Friday evening that it now expects a 1.7% drop in its Ebitda for its brands in France, when it was aiming for growth in it last November. The title rocks.
The downward adjustment of the annual Ebitda target, three weeks before the publication of the annual results, is very badly received by Casino investors this Monday morning on the Parisian market. Around 9:20 a.m., the title of the distributor shows – by far – the most marked decline among the titles eligible for the SRD with a fall of 7.8% to 20.95 euros. This follows a decline of nearly 3% on Friday, and brings the title to a low since the beginning of last December.
This sharp decline comes in response to the adjustment, Friday evening, of its annual EBITDA forecast, now expected to fall by 1.7% for its brands in France, excluding GreenYellow, real estate development and Vindémia (sold in June 2020) , while he was still counting on an increase at the beginning of November. Casino justifies this lowering of its outlook by “a market that was temporarily down in the 4th quarter, in stronger proportions than expected” with a change in the food distribution market of -3.7% at the national level and -5.6 % in Ile-de-France, according to data from IRI (Informations Resources, Inc).
In the wake of Casino, Carrefour also yields 3.2% to 17.29 euros this Monday morning.
Quentin Soubranne – ©2022 BFM Bourse
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