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  "docSlug": "e203d40c628e",
  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-03-08 00:00:00",
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  "notes": "The slide uses investigative research and external reports to challenge the company's financial health and operational integrity.",
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      "kind": "callout",
      "text": "Casino's \"Respect of Payment Periods\" scored 5.7 out of a possible 20. This grade—the French equivalent to an F on a U.S. grade scale—is the third lowest among the 79 companies shown in the study.",
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      "kind": "paragraph",
      "text": "Two independent assessments conducted on behalf of the French government and released to the public support our investigators' findings.",
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      "kind": "paragraph",
      "text": "According to the Opinionway report, Casino ranks 70 out of 79 for overall supplier relations, trailing its principal competitors Carrefour by five places and Groupe Auchan by 35.",
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      "kind": "paragraph",
      "text": "The deterioration of Casino's payment respect score is notable. When the same survey was conducted in 2013, Casino scored 8/20 on the delayed payment metric.",
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      "kind": "paragraph",
      "text": "Our investigators polled 12 sources that are familiar with Casino's payment practices in France. Six stated that Casino's payment schedule is an issue for suppliers.",
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      "kind": "paragraph",
      "text": "After we initiated coverage on Casino in December, we received information indicating that Casino could have been aggressively stretching its payables to suppliers in France in H2 2015.",
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      "kind": "quote",
      "text": "assess that the company is indeed delaying payments to suppliers, that the problem is significant enough to bear meaning for the company's overall financial health, and that it is specifically tied to Casino's poor performance in Q3 2015 and since. — Muddy Waters' investigators",
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      "text": "Footnotes 5-9 detailing methodology and source context.",
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