Forex was the main factor in lowering our estimates on both Carrefour and Casino

We adjust downward our EPS by 8% on average for Carrefour (forex was the main factor in lowering our 2015 underlying EBIT from EUR2496m to EUR2412m) and 14% for Casino (forex, along with a more cautious stance on the French 2015 operating profit, was the main factor in lowering our 2015 underlying  EBIT from EUR1991m to EUR1805m). Our new Fair Values work out at EUR31 (22% upside potential) and EUR69 (50% upside potential) respectively on Carrefour and Casino. Based on a target NAV to which we apply a 20% holding discount, we also adjust our target on Rallye to EUR18.5 (27% upside potential) that was the subject of a comment (14/09) that remains a highly topical matter (Valuation differences between Casino and parent company Rallye warrant an explanation).

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