Koninklijke Ahold Delhaize N.V. Equity Research & Stock Reports

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11 May 22

Strong Q1 results; US leads the momentum

Ahold Delhaize has posted a strong performance for Q1 FY22. The underlying EPS came in 10% ahead of the consensus. The momentum was led by the US segment, due to strong consumer demand (despite the grocer passing on inflationary prices to end-consumers). Management has initiated a new cost savings plan to remain competitive plus preserve the profitability (details will be shared during Q2). However, the investors were disappointed along with the softer than expected improvement in the outlook. P

Companies: Koninklijke Ahold Delhaize N.V.

AlphaValue

17 Feb 22

No surprises in the Q4 performance; softer outlook for FY22

There were no major surprises in Ahold Delhaize’s Q4 and FY21 performance. The company gained market share in both the US and Europe. However, investors thrashed the stock price due to concerns regarding the dent in FY22 profit margins and EPS, led by headwinds from supply chain, inflation and the US banner Stop & Shop. We believe the worry is overblown and the time-tested programme ‘Save for Our Customers’ would be able to mitigate the majority of the dent. Positive recommendation is maintained

Companies: Koninklijke Ahold Delhaize N.V.

AlphaValue

12 Aug 21

Solid Q2 results; guidance raised

Ahold Delhaize’s Q2 performance was ahead of our expectations. The momentum was witnessed in both operating segments (US and Europe). The retailer has gained market share in almost all geographies. Management has increased the guidance for underlying operating profit and EPS, which reiterates our positive stance on the stock’s valuation. We will increase the target price slightly.

Companies: Koninklijke Ahold Delhaize N.V.

AlphaValue

25 Feb 21

Healthy performance mired by an insipid outlook

Despite AD’s strong performance, the investors seem to be concerned by noticeable margin erosion in the US and softer EPS guidance for FY21. However, we continue to believe in the strength of the business / proven track record of management and reiterate that the stock is attractive at current levels, throwing up an ideal entry point for mid/long-term investment.

Companies: Koninklijke Ahold Delhaize N.V.

AlphaValue