Ahold Delhaize: model update post-Q3
Post-Q3 earnings, we have cut our FY 2023-25 estimates by 2% to reflect a tougher SNAP headwind and lengthier volume recovery. We continue to believe that a share price below EUR29 is a good entry point and reiterate our Buy rating to play an appealing and safe 7-8% shareholder return yield.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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