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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "The slide argues that accounting consolidation practices lead to an 'egregious misrepresentation' of financial health, misleading credit analysts.",
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      "text": "This is the real issue with Casino - it has far more debt to enterprise value than investors realize.",
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      "text": "Comparison of 3.00x (Published) vs 8.90x (Proportional)",
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      "text": "Below is a graph comparing reported leverage to economic, adjusted leverage. This is the real issue with Casino - it has far more debt to enterprise value than investors realize.",
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      "kind": "paragraph",
      "text": "Deconstructing Casino's Economics is Cumbersome. It takes a lot of time and effort to sort through all of the data to back out what really belongs to Casino.",
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      "text": "Adjustment for likely France retail EBITDA inflation of €165 million through related party transactions. S&P RatingsDirect Report on Casino Guichard-Perrachon & Cie S.A., December 11, 2015, p. 4",
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      "text": "Casino Reported LTM Leverage vs. MWC LTM Leverage*",
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