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    PCAR3   BRPCARACNOR3

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO

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Casino's Ecommerce arm Cnova defers capital increase and drops earlier guidance

10/08/2021 | 02:12am EST

PARIS, Oct 8 (Reuters) - Cnova NV, the E-commerce arm of French retailer Casino, said it had decided to defer an earlier fund-raising plan, and could no longer confirm financial guidance given in June due to challenging third quarter business conditions.

In June, Cnova had unveiled plans to raise around 300 million euros ($346.50 million) by the end of the year in a sale of new shares, to fund growth and boost its proportion of freely tradeable stock.

"In a timid 3rd quarter market, we confirmed our relevant positioning with a strong ecommerce platform benefiting from a growing loyal customer base and the acceleration of our digital marketing solutions," said Cnova CEO Emmanuel Grenier.

"In this soft market, we have launched several actions to maintain our growth dynamics. In light of this situation, Cnova is no longer in position to confirm its guidance released in June," added Grenier.

In June, Cnova said it was targeting an EBITDA of 160 million euros for 2021, a rise of 20% from 2020.

Cnova's Cdiscount website competes with international groups such as Amazon in France>, with a marketplaces-style platform that links shoppers with third-party vendors selling household goods, electronic equipment and toys.

During the third quarter Cnova posted a 7.5% rise in Gross Merchandise Volume (GMV) in a soft market, which it partly blamed on the re-opening of brick-and-mortar stores as COVID restrictions eased. This notably forced it to boost its pricing competitiveness.

Cdiscount is fully controlled by Cnova, which in turn is 65% controlled by Casino and 34% by Casino's Brazilian business Grupo Pao Acucar.

Parent company Casino, run and controlled by Jean-Charles Naouri, has been looking to boost its profitability and cash flow with asset sales, as well as finding savings through purchasing deals.

Naouri has been looking to ease the debts of both Casino and Rallye, the holding company behind the retailer.

($1 = 0.8658 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.18% 3437.36 Delayed Quote.5.74%
CASINO, GUICHARD-PERRACHON -2.38% 19.925 Real-time Quote.-18.98%
CNOVA N.V. -2.67% 5.84 Real-time Quote.100.00%
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 2.21% 22.19 End-of-day quote.-70.43%
RALLYE -2.43% 4.625 Real-time Quote.-17.99%
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Financials
Sales 2021 51 943 M 9 179 M 9 179 M
Net income 2021 374 M 66,1 M 66,1 M
Net Debt 2021 9 202 M 1 626 M 1 626 M
P/E ratio 2021 18,0x
Yield 2021 10,7%
Capitalization 5 844 M 1 039 M 1 033 M
EV / Sales 2021 0,29x
EV / Sales 2022 0,29x
Nbr of Employees 110 000
Free-Float 58,9%
Chart COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
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Companhia Brasileira de Distribuição Technical Analysis Chart | PCAR3 | BRPCARACNOR3 | MarketScreener
Technical analysis trends COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 22,19 BRL
Average target price 44,14 BRL
Spread / Average Target 98,9%
EPS Revisions
Managers and Directors
Jorge Faiçal Chief Executive Officer
Jean-Charles Henri Naouri Chairman
Eleazar de Carvalho Filho Independent Director
Luiz Augusto de Castro Neves Independent Director
Renan Bergmann Independent Director
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