Groupe Casino Guichard-Perrachon SA (CO FP) · page 17 of 22
The slide critiques S&P's lease accounting methodology and details the sum-of-the-parts valuation approach for Casino's assets.
Research note · appendix_methodology · present_framework · overcrowded density
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Valuation: DCF slide · 70%
We calculate the EBITDA for the wholly owned France Retail operation, adjust to remove an estimated financial engineering contribution
Valuation: LBO math slide · 70%We then take the sum total of all of the equity values for the wholly owned and partially owned businesses (€4.5 billion), and add non core assets (€1 billion)
Valuation: Multiple comparison slide · 70%apply a multiple that reflects the health of the business (10x), and subtract the net debt to arrive at an equity value of €468 million
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