Casino’s share price was strongly punished yesterday following a report by Muddy Waters that stated Casino is worth only EUR7 per share. Numbers can be made to say anything... But in the end, one has to retain that this report is probably a reflection of the latent exasperation of the financial community regarding the debt and the complexity of Casino. There is an emergency to deleverage the group, an issue that is obviously addressed by management through a forecasted EUR2bn (minimum) deleveraging programme, the outcome of which will be decisive for Casino’s share price.
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