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  "documentTitle": "Groupe Casino (CO)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-03-08 00:00:00",
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  "notes": "The slide functions as a forensic audit of corporate rhetoric, specifically calling out 'non-answers' and attempts to reframe negative performance.",
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      "text": "This analysis has identified multiple clusters of deceptive behavior. My findings strongly suggest that Casino is not being completely revelatory concerning their deleveraging plan, their accounting practices, the French “recovery”, Brazil, and their fears surrounding the S&P re-evaluation of their credit worthiness.",
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      "kind": "list",
      "text": "Casino intends to continue its use of Real Estate transactions to bolster earnings; Casino will continue to rely heavily on its use of credit; Casino does not intend to be completely transparent about the details of the deleveraging plan...",
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      "kind": "paragraph",
      "text": "deliver a good performance in food retail, with market share gains in cash & carry, supermarkets and convenience stores; we are confident in GPA's ability to deliver a good performance in 2016",
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      "text": "Regarding non-food activities, our sales have declined in the context of soft discretionary spending by Brazilian households. Nevertheless, we succeeded in limiting the decline in sales of Via Varejo in Q4 2015 compared to previous quarters...",
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      "text": "This response doesn't address the macroeconomic concern of S&P or provide specific data regarding the declining sales, and effectively constitutes a Non-Answer (1). It further highlights the “limited decline” of Via Varejo, attempting to Color a Negative as a Positive (2).",
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      "text": "Regarding non-food activities, our sales have declined in the context of soft discretionary spending by Brazilian households. Nevertheless, we succeeded in limiting the decline in sales of Via Varejo in Q4 2015 compared to previous quarters, thanks to targeted action plans aimed at finding a better price positioning, particularly through more effective promotions. As in 2015, our priority for 2016 is to maintain a positive operating FCF for all our Brazilian Activities — Casino Management",
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