Bryan Garnier - Ahold Delhaize (ALO) AHOLD DELHAIZE | NEUTRAL | EUR23 VS. EUR25 Stuck between Covid hazard pay and normalisation of volumes in 2021

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Bryan Garnier

Clement Genelot

AHOLD DELHAIZE | NEUTRAL | EUR23 VS. EUR25 Stuck between Covid hazard pay and normalisation of volumes in 2021

AHOLD DELHAIZE | NEUTRAL | EUR23 VS. EUR25
Stuck between Covid hazard pay and normalisation of volumes in 2021
Q1 to remain boosted by Covid in the US and Europe…
…with persisting Covid hazard pay in the US
Remainder of 2021 will be marked by brutal volumes normalisation
Unattractive guidance for 2021 to drive downward adjustments
Neutral with a TP lowered from EUR25 to EUR23

18/02/2021 4 EN

Underlying

Ahold Delhaize

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Provider

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.

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Analysts

Clement Genelot

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AHOLD DELHAIZE | NEUTRAL | EUR23 VS. EUR25 Stuck between Covid hazard pay and normalisation of volumes in 2021

AHOLD DELHAIZE: RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)

AHOLD DELHAIZE: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)

AHOLD DELHAIZE: RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)

Emerging consolidator in Germany’s optical retail sector

Avantium: multi-year capacity reservation with Royal Hordijk

Fastned: EUR34.7m bond issue

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