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Rallye: Oddo confirms rating and target price

( - Rallye and its subsidiaries Cobivia and HMB, as well as its parent companies Foncière Euris, Finatis and Euris have announced the opening of safeguard procedures for six months.

This suspends the payment of debts for the next 6 months (extendable up to 18 months), Oddo says this morning.

Following this announcement, Oddo maintains its Reduce rating on the Rallye share, with a target price of 5 euros.

Rallye has already drawn 202 million euros on the unsecured loan of 500 million euros granted by 5 French banks last November (rate of 6%) .The group says that all of its Casino shares are now pledged, i.e. 56 million shares, representing 51.7% of Casino's capital, the broker said.

Oddo believes that the safeguard procedure, which could lead to JC Naouri losing control of Casino, was the only way out in trying to protect Casino, whose assets were no longer able to cover its parent company's debts. It would be necessary that Casino's NAV increases to 48 euros to be able to cover the 2.9 billion euros of Rallye debts, analysts add.

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