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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "The slide functions as a forensic research note exposing management's inconsistent financial guidance and the failure of asset sales to reduce net debt.",
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      "text": "We encourage investors to again make Mr. Giscard D'Estaing uncomfortable by insisting he explain where these “deleveraging” proceeds have gone.",
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      "kind": "paragraph",
      "text": "review, it is clear that it had not been thought through. Casino's CFO, Antoine Giscard D'Estaing, was unable to explain how the asset sales will occur, expected prices or valuations, or the tax implications.",
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      "text": "Casino investors heard a similar story about six months ago when the company announced a €1.7 billion deleveraging transaction by force-feeding some assets to Exito largely at an above market price.",
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      "kind": "paragraph",
      "text": "When pressed on the contradictions between deleveraging and paying anybody other than creditors, he implied that hugely improved internal cash flow could close the gap.",
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      "text": "“So some analysts have forecast at this stage of an improvement from a level [of FCF] which is close today to a 0,...” — Mr. Giscard D'Estaing",
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      "text": "Mr. Giscard D'Estaing stated “So some analysts have forecast at this stage of an improvement from a level [of FCF] which is close today to a 0,...”",
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      "text": "Exito LatAm Comps 30-Jul-2015 - 14-Dec-2015",
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