AHOLD DELHAIZE: Softer-than-anticipated landing in 2021 | NEUTRAL | EUR27 VS. EUR24 (-3%)
AHOLD DELHAIZE - NEUTRAL | EUR27 VS. EUR24 (-3%)Softer-than-anticipated landing in 2021
Following flat 2-year LfL stack in Q2, H2 will face a deceleration
Less profitability pressure over H2
EUR1.6bn FCF guidance can be exceeded
Neutral reiterated with a EUR27 TP
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.
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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