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  "documentTitle": "Groupe Casino (CO)",
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  "presentationDate": "2016-01-13 00:00:00",
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  "notes": "The slide uses a table to highlight the divergence between declining market share and declining 'real' EBITDA, questioning the sustainability of the business.",
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      "text": "The table below showing Casino's market share versus its \"Real\" EBITDA (i.e., excluding our estimate of gains on sale in 2014 and 2015) strongly casts doubt on the notion that there's any relationship between Casino's present market share and EBITDA generated by selling products in stores.",
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      "kind": "paragraph",
      "text": "wish to regain investors’ confidence or change our minds, you should answer these questions fully, openly, and without caveats.",
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      "kind": "paragraph",
      "text": "Many of the questions get to the heart of whether there is truly a recovery in Casino’s France retail business. If our estimates of property sale contributions to EBITDA are correct, then in 2014 and H1 2015, the France business deteriorated substantially more than investors understand.",
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      "text": "Casino touted a 20 bps market share gain in the month of November 2015 as a sign of recovery. We note that Casino’s average market share throughout 2015 was actually lower than its average market share throughout 2014.",
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      "kind": "paragraph",
      "text": "The confidence you and the company have expressed in 2015 France guidance could be explained by Casino generating an abundance of EBITDA through property transactions. When a company controls the amount of profit it books, it’s a lot easier to forecast the results.",
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      "kind": "source-note",
      "text": "(1) Market share data from Kantar. (2) \"Real\" EBITDA refers to our estimated adjusted EBITDA. (3) The website only has 2013 data from 24-March onward.",
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