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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "Includes detailed table comparing S&P and MWC financial adjustments for 2014 and LTM, followed by qualitative justification for MWC's adjustments.",
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      "text": "Justification for including hybrid securities, TRS liabilities, and operating lease adjustments in debt calculations.",
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      "text": "Net Lease Adjusted Debt: 22,704",
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      "text": "Based on FY 2014, the items we include that S&P does not are i) the full value of the intermediate hybrid securities, ii) the total return swap liability, and iii) an additional €7.9 billion of operating lease adjustments.",
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