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.
|14Feb17 07:45||GNW||Ahold Delhaize share buyback update|
|24Jan17 07:00||GNW||Ahold Delhaize share buyback update|
|17Jan17 07:00||GNW||Ahold Delhaize share buyback update|
|09Jan17 07:00||GNW||Ahold Delhaize commences €1 billion share buyback program|
|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|
Frequency of research reports
Research reports on
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%).
Roughly in line with our expectations
23 Feb 17
JM announced FY 16 net result of €593m, of which €232m related to the Moterrorio disposal as exceptional items. The EBITDA margin increased to 5.9%, boosted by the good resilience of Biedronka’s profitability. The cash flow situation improved, leading to a negative net debt. Thanks to stronger cash flow generation, the company proposed a €0.60 dividend per share (flat compared to last year, including the distribution of free reserves of €0.375 per share).
15 Jan 15
Booker has announced a Q3 IMS with trading in line with our expectations. LFL sales growth increased 2.5%, with tobacco sales up 2.4% (a significant improvement on the last quarter) with non-tobacco sales increasing 2.6%. The turnaround of Makro continues and non-tobacco sales declined by 6.5% as Booker exit’s unprofitable lines, whilst 9 Makro stores have converted into a new, improved format. The outlook for profits and net cash for the year remains in line with management’s expectations. Following today update we leave our 2015 forecasts unchanged. We retain our Hold recommendation and 150p target price.
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 - Conviviality - Delivering against strategy
30 Jan 17
Interims are robust and broadly in line with our expectations. The 4.4% LFL sales growth and positive KPI’s on customer wins and higher spend per outlet demonstrate that the strategy is working. H2 has started very well with good momentum across all 3 divisions as the new MD’s begin to have a positive impact. With PBT 2/3rd H2-biased we make no major forecast changes but see the risk on the upside. The shares are up 21% YTD but given the positive overall tenor and valuation read-across from the Booker/Tesco deal (24.5x P/E), CVR remains inexpensive on a cal’17 P/E of 11.2x with a 5% DPS yield and a 3 year EPS CAGR of 24%. We stay at Buy with a 290p TP.
Have investors checked out too early?
26 Feb 16
While some of the share price decline from 8p in December can be attributed to dilution from the placing announced that month and general market risk aversion, the current market cap of c.£8m appears not to recognise the progress in establishing a global brand, a range of unique accommodation formats and an ever expanding event programme, moving towards profitability and with exciting prospects.