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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "The slide contains two tables: one detailing ownership percentages by business segment and another allocating debt and cash between parent and listed entities.",
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      "kind": "callout",
      "text": "The above shows what the parent owns. However, it is a bit misleading in that CBD already consolidates Via Varejo and GPA (see Appendix 1).",
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      "text": "Net Debt: €9.2 billion",
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      "text": "The above shows what the parent owns. However, it is a bit misleading in that CBD already consolidates Via Varejo and GPA (see Appendix 1). Therefore, when valuing these two entities in Section VI, we do not place separate values on them because those values are captured in CBD’s enterprise value. It is also important to note that all debt at the listed companies is already factored into the equity prices, which is why it is important to de-consolidate the debt and cash for valuation purposes.",
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      "kind": "paragraph",
      "text": "In our Equity Valuation Section VI, we use €9.2 billion as the net debt figure.",
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      "kind": "paragraph",
      "text": "financial metric (EBITDA, debt, cash, etc.). The below table sets forth the ownership interests Casino has in its core businesses that are 100% fully consolidated on its financial statements.",
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      "kind": "paragraph",
      "text": "On December 15th, Casino issued a press release titled “Casino Group Decides to Strengthen its Financial Flexibility with a Deleveraging Plan above € 2BN in 2016”. While the company stated the board developed this “plan” as part of its annual strategic",
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      "kind": "paragraph",
      "text": "The next issue is determining what the parent owes. The following table allocates debt and cash between the listed consolidated subsidiaries and the wholly owned entities.",
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      "text": "Casino Group Decides to Strengthen its Financial Flexibility with a Deleveraging Plan above €2BN in 2016 — Casino Press Release",
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      "text": "II. Casino’s €2 billion Deleveraging Sham",
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