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Son rsultat brut dexploitation (Ebitda) ressort  1,452 milliard deuros, contre 1,317 milliard deuros un an auparavant. En intgrant les dotations aux amortissements et provisions, le rsultat dexploitation sinscrit  956 millions deuros, en hausse de 13,2%, pour un chiffre daffaires de 22,857 milliards deuros, en progression de 8,9% (en tenant compte dun impact dfavorable des taux de change de 5%, les ventes sapprcient de 3,9%).<Br> Nous restons positifs sur la valeur, mais abaissons notre objectif de cours  71 euros, compte tenu des signes d'essoufflement de la consommation des mnages. Par ailleurs, le processus de concentration du secteur de la distribution est enclench en Grande Bretagne, et en France, Casino pourrait attiser les faveurs de l'amricain Wal-Mart, numro un mondial du secteur. <br>             &nbsp;</td>           </tr>           <tr>            <td width="55%" valign="top" bgcolor="#EEEEEE" class="Titres-recom">&nbsp;Historique des Changements de             Recommandation :</td>           </tr>           <tr>            <td width="55%" valign="top " class="titres-recom-normal"> 													             - 12/03/2003,&nbsp;Acheter              : Nous restons positifs sur le titre avec un objectif de cours ramen  71 euros.                 <br> 													             - 22/01/2003,&nbsp;Acheter              : Positif sur le titre  long terme, nous ramenons toutefois notre objectif de cours  83 euros.                 <br> 													             - 09/12/2002,&nbsp;Acheter              : Nous restons positifs sur le titre avec un objectif de cours de 89 euros dans une optique de long terme.                 <br> 													            </td>           </tr>          </table>         </td>         <td width="2%" valign="top">&nbsp;&nbsp;</td>         <td width="40%" valign="top" bgcolor="#F4F4F4">          <table border="0" width="100%" cellspacing="1" cellpadding="0">           <tr>            <td width="100%">             <table border="0" width="100%" cellspacing="1" cellpadding="3">              <tr>               <td width="100%" class="article">Pour les 3 prochaines annes, Casino table sur une hausse annuelle de 10 % de son CA et de 20 % de son rsultat dexploitation. Nanmoins, les vnements du 11 septembre pourraient venir ralentir le rythme dexpansion du groupe.<br> Pour 2003, la direction table ainsi sur une croissance organique de son chiffre d'affaires "suprieure  6%" ( primtre et changes constants) et des "croissances du rsultat d'exploitation et du rsultat courant comparables  celles observes en 2002". <bR> Encore peu internationalis (75% CA en France), le groupe poursuit ses efforts dans cette voie.<BR> Casino est le numro trois franais des distributeurs alimentaires avec une part de march de 15,4%.<br> Casino et les Galeries Lafayette ont dcid de rester actionnaires paritaires au sein du capital de Monoprix jusqu'au 10 janvier 2006. Une situation qui vite au groupe de sortir 1 milliard d'euros dans l'hypothse o Casino exerait son option de vente sur les titres Monoprix avant le 27 juin 2003.</td>              </tr>             </table>            </td>           </tr>          </table>         </td>        </tr>       </table>      </td>     </tr>     <tr>      <td width="100%">&nbsp;</td>     </tr>     <tr>      <td width="100%">       <table width="100%" border="0" cellspacing="3">        <tr>         <td> 										          <table border="0" cellspacing="0" cellpadding="0" width="480">           <tr>            <td colspan="7" width="480" class="article_bleu_espace"><b>Notre conseil au 18/04/2003              :</b></td>           </tr>           <tr>            <td colspan="7" width="480"><img border="0" src="/images/regletteA2.gif" align="absmiddle" width="480" height="19"></td>           </tr>           <tr>            <td width="480" colspan="7" bgcolor="#EEEEEE"><img border="0" src="/images/pixel.gif" alt="pixel" width="58,7323943661971" height="8"><img border="0" src="/images/regletteC3.gif"></td>           </tr>           <tr>            <td colspan="7" bgcolor="#FFFFFF" width="480"><img border="0" src="/images/regletteB6.gif"></td>           </tr>           <tr>            <td width="40" align="center">&nbsp;</td>            <td width="80" align="center">&nbsp;64</td>            <td width="80" align="center">67 </td>            <td width="80" align="center">71 </td>            <td width="80" align="center">75 </td>            <td width="80" align="center">78 </td>            <td width="40" align="center">&nbsp;</td>           </tr>          </table> 			         </td>         <td valign="top" width="140">          <table border="0" width="100%" cellspacing="0" cellpadding="0">           <tr>            <td width="100%">&nbsp;</td>           </tr>          </table>          <table border="0" width="100%" bgcolor="#336699" cellspacing="1" cellpadding="0">           <tr>            <td class="titres-actu">&nbsp;&gt; Dernier Cours</td>           </tr>           <tr>            <td width="100%" bgcolor="#FFFFFF" nowrap class="titres-recom-normal" align="center"><b>&nbsp;63,4                    <img border="0" src="/images/euro-10G2.gif" align="bottom"></b>&nbsp;&nbsp;<b><img border="0" src="/images/fleche2_008000.gif">&nbsp; <span class="tab_vert"><b>0,32 %</b></span></b></td>           </tr>          </table>         </td>        </tr>        <tr> 	<td width="505"> 	 <table border="0" width="480" bgcolor="#336699" cellspacing="1" cellpadding="0" >	   	<tr> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;6 ans <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=Y6#Periode"><img border="0" src="/images/RadioG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;3 ans <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=Y3#Periode"><img border="0" src="/images/RadioG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;2 ans <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=Y2#Periode"><img border="0" src="/images/RadioSelectedG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;1 an <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=Y1#Periode"><img border="0" src="/images/RadioG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;6 mois <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=M6#Periode"><img border="0" src="/images/RadioG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" class="article_gros"  align="center">&nbsp;&nbsp;3 mois <a href="/Analyses/Fiche1.asp?sicovam=12558&amp;rep=M3#Periode"><img border="0" src="/images/RadioG.gif" align="absmiddle" width="14" height="14"></a></td> 	 <td bgcolor="#F0F0F0" align="center" class="article_gros"><a HREF="javascript: popupwindow('/Cotations/paragraphehistopop.asp?codevaleur=12558&typecotation=grapara','maj',700,636,20,20);"><font color="d50000">Options</font></a></td> 	</tr> 	 </table> 	</td> 	<td width="100%"> 	<table border="0" width="100%"> 	  <tr> 	  </tr> 	</table> 	</td>        </tr>         <td valign="top"><img src="http://212.43.239.111/includes/graph.asp?rep=Y2&amp;sicovam=12558&amp;nocache=264354884624&type=1" alt="Evolution du cours sur 2 ans" width="480">         </td>         <td>          <table border="0" width="100%" cellspacing="1"> 	           <tr>            <td>             <table border="0" width="100%" cellspacing="1" cellpadding="0" bgcolor="FF8F3E">                            <tr>                  <td class="Titres-conseils" nowrap>&nbsp;&gt; Valeurs suivantes</td>                 </tr>                 <tr>                  <td bgcolor="F2F2F2"> 					 		&nbsp;<a href="/Analyses/Fiche1.asp?sicovam=6179      " class="mini-cotations">CEREP         </a><br>  					 		&nbsp;<a href="/Analyses/Fiche1.asp?sicovam=12098     " class="mini-cotations">CIMENTS FR.</a><br>  					 		</td> 		</tr>										                </table>                  </td>           </tr> 									 					           <tr>            <td width="100%">&nbsp;</td>           </tr>          </table>          <table border="0" width="100%" cellspacing="1" bgcolor="#31659C">           <tr>            <td class="titres-actu">&nbsp;&gt; Derniers Articles</td>           </tr>           <tr>            <td width="30%" valign="top" bgcolor="f2f2f2">             <table border="0" width="100%" cellspacing="1"> 		              <tr>               <td><b>&gt;</b><a href="Fiche3.asp?Numero=31788&amp;Sicovam=12558" class="article"><b> Casino : emprunt obligataire</b></a>&nbsp;<span class="DATE">                (11/04)</span><br>                Le groupe va mettre pour 500 millions deuros dobligations.</td>              </tr>              <tr>               <td width="100%"><img border="0" src="/images/pixel.gif"></td>              </tr> 		              <tr>               <td><b>&gt;</b><a href="Fiche3.asp?Numero=31767&amp;Sicovam=12558" class="article"><b> Wal-Mart pnalis par la guerre en Irak</b></a>&nbsp;<span class="DATE">                (10/04)</span><br>                Le distributeur amricain enregistre une hausse modre de 0,7% de ses ventes en mars.</td>              </tr>              <tr>               <td width="100%"><img border="0" src="/images/pixel.gif"></td>              </tr> 		             </table>            </td>           </tr>          </table>         </td>        </tr>       </table>      </td>     </tr>    </table>   </td>  </tr>  <tr>   <td width="100%">    <table width="100%" border="0" cellspacing="0" cellpadding="0">     <tr>      <td width="100%" colspan="2">       <p align="right"><a target="_blank" href="Fiche1print.asp?sicovam=12558" class="imprimer">Imprimer la       fiche <img src="/images/print1.gif" alt="Imprimer la fiche" align="absmiddle" border="0"></a> &nbsp;</td>     </tr>     <tr>      <td width="50%" class="article_bleu_espace"><b>Prvisions</b></td>      <td width="50%">&nbsp;</td>     </tr>    </table>   </td>  </tr>  <tr>   <td>    <table width="100%" bgcolor="#FFFFFF" cellspacing="1" cellpadding="0" border="0">     <tr align="center" bgcolor="#004080">      <td width="20%" class="CtTh_fonce">(En M EUR)</td>      <td width="16%" class="CtTh_fonce">1999</td>      <td width="16%" class="CtTh_fonce">2000</td>      <td width="16%" class="CtTh_fonce">2001</td>      <td width="16%" class="CtTh_fonce">2002p</td>      <td width="16%" class="CtTh_fonce">2003e</td>     </tr>     <tr bgcolor="#EEEEEE" align="center">      <td nowrap class="TAB">       <p align="left">Chiffre d'affaires </td>      <td class="TAB">NS </td>      <td class="TAB">19073 </td>      <td class="TAB">21984 </td>      <td class="TAB">22857 </td>      <td class="TAB">24457 </td>     </tr>     <tr align="center">      <td nowrap class="TAB">       <p align="left">Rsultat d'exploitation </td>      <td class="TAB">NS </td>      <td class="TAB">653 </td>      <td class="TAB">854 </td>      <td class="TAB">966 </td>      <td class="TAB">1034 </td>     </tr>     <tr bgcolor="#EEEEEE" align="center">      <td nowrap class="TAB">       <p align="left">Rsultat Net Part du Groupe </td>      <td class="TAB">NS </td>      <td class="TAB">315 </td>      <td class="TAB">379 </td>      <td class="TAB">445 </td>      <td class="TAB">476 </td>     </tr>     <tr align="center">      <td nowrap class="TAB">       <p align="left">Bnfice par action</td>      <td class="TAB">NS </td>      <td class="TAB">3,69 </td>      <td class="TAB">3,45 </td>      <td class="TAB">4,10 </td>      <td class="TAB">4,38 </td>     </tr>     <tr bgcolor="#EEEEEE" align="center">      <td class="TAB">       <p align="left">PER</td>      <td class="TAB">NS </td>   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