Report
Clement Genelot

AHOLD DELHAIZE: Covid is favouring food e-commerce and in-home food consumption in the US | NEUTRAL | EUR27 vs. EUR25 (+3%)

AHOLD DELHAIZE - NEUTRAL | EUR27 vs. EUR25 (+3%)
Covid is favouring food e-commerce and in-home food consumption in the US

Lasting pandemic in the US favours food e-commerce…
…and transfer from out-of-home towards in-home food
After the peak of demand, operating deleverage seems inevitable
A generous shareholder policy not in jeopardy
Underlyings
Koninklijke Ahold Delhaize N.V.

Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Clement Genelot

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