Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KONINKLIJKE AHOLD NV. We currently have 2 research reports from 1 professional analysts.
|07Dec16 07:00||GNW||Ahold Delhaize presents Better Together strategy, gives update on integration and financial framework|
|17Nov16 05:44||GNW||Ahold Delhaize reports solid third quarter performance with continued momentum|
|15Nov16 06:59||GNW||Ahold Delhaize: Ahold Delhaize announces the buy-back and cancellation of its ¥33 billion Floating Rate Notes due May 2031 and the unwind of corresponding currency swap|
|06Oct16 06:59||GNW||Ahold Delhaize publishes pro forma key historical data following the merger|
|05Oct16 06:59||GNW||Ahold Delhaize : Ahold Delhaize announces resignation of James McCann and appointment of Kevin Holt at Ahold USA|
|08Sep16 09:30||GNW||Ahold Delhaize ranks among leaders in Dow Jones Sustainability World Index|
|25Aug16 05:44||GNW||Ahold Delhaize kicks off with good momentum; both Ahold and Delhaize Group report strong Q2 results|
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KONINKLIJKE AHOLD NV
KONINKLIJKE AHOLD NV
Strong US$ pushes up Ahold's figures
04 Mar 16
Ahold’s full-year sales progressed by 16.6% compared to 2014, amounting to €38.203m. This increase was primarily driven by US operations that witnessed a huge jump of 18.9% on actual change. The strong US$ (+20% on average rate) is behind this jump since the change at constant exchange rate is instead, negative (-0.5%). For the European operations, the well-known brands continued to pull up the group’s sales (+6.3% lfl for the Netherlands and 13.3% lfl for Czech Republic). Albert Heijn’s lfl sales growth was driven by attractive commercial programmes and diversified offers. For the full year, its market share increased to 35.0%, positively impacted by the conversion of 17 more former C1000 supermarkets. The Czech market continued to be promotion-driven and was significantly impacted by competitive pressure. During the year, all the supermarkets were converted to the Favorite store concept. The decrease in gasoline price (30%) and volume (4.1%) offset the fast-growing 2015 online consumer sales (up to €1,646m, i.e. 4.3% of total sales vs. 3.9% in 2014). FY 2015 net income came to €851m, i.e. adjusted diluted EPS of €1.02, of which €0.52 would be paid for the dividend, an increase of 8.3% yoy (vs. €0.50 expected by our model).
Resuming talks with Delhaize
16 Jun 15
Q1 revenues were impacted by many distortions. The group's sales were up 15%, driven by a stronger dollar and 1.4% at constant exchange rates. Excluding the negative impact of petrol prices (which were down 35% in the US), sales growth reached 3%. However, part of the momemtum was financed by large promotions and restructuring costs which hurt earnings (down 20%).
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
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17 Jan 17
Greggs' trading update confirmed that it delivered a stronger than expected finish to FY16, leaving it well placed to face the margin pressures that will affect the entire industry in FY17. We expect only modest changes to FY17 estimates when FY16 results are released and therefore continue to value the shares at 1,189p.
Biedronka delivers a strong Q4
17 Jan 17
Jeronimo Martins’ sales experienced a 6.5% increase over the year, backed by a good performance in the last quarter. Biedronka, the Polish business, remains the group’s key growth driver. In fact, Polish sales came in at €9,781m following 10.5% growth over Q4. Sales in the Portuguese operations through Pingo Doce and Recheio increased by 3.7% and 7.1%, respectively, accounting for c.30% of the group’s top-line.
Y/E update – beating expectations
20 May 16
Conviviality has capped off a hugely positive year from a strategic perspective with a solid year-end trading update. Retail commentary is better than anticipated and Matthew Clark has traded strongly since acquisition. This all translates into management guiding to a full year EBITDA outcome marginally ahead of market expectations. We are already at the top-end so make no changes but anticipate 3% consensus upgrades. The strength of today’s update is supportive of our Buy stance.
Further positive consolidation news
03 May 16
Conviviality management remains on the front font to be the lead consolidator in the alcohol distribution market. It has today announced the proposed acquisition of smaller rival Bibendum for £60m, funded partly via a Placing. The historical EV/EBITDA being paid is c.9x but this rapidly falls towards 7x in YR1. Strategically the deal strengthens the group’s position in the sector, takes out a key rival and is around 8-10% EPS accretive in FY17 – pre-synergies. The implied P/E is a ridiculously low 9.5x to Apr’17. We reinforce our conviction Buy.