(Boursier.com) — At the end of 2022, the net debt of rally represented 2,815 ME… In addition to a 52.3% stake in Casino, Rallye has a diversified investment portfolio. Representing only 26 ME, the value of this portfolio nevertheless appears derisory given the scale of the debt.
Rallye’s only real source of income comes from dividends paid by Casino… However, the distributor’s Board of Directors will propose to the next General Meeting not to pay a dividend in 2023.
In February 2025, Rallye must refinance 2,067 ME. Even if there is no real urgency, we understand that Rallye is seeking to get closer to its creditors in order to examine the possibilities and possible methods of adjusting its safeguard plan.
With the fall in Casino shares, the value of the block held by Rallye is now only 325 ME. Adding the other investments, the company’s assets only cover 12% of its net debt… In other words, the debt is 8 times higher than the assets…
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