Ahold Delhaize - Results beating thanks to US provision release
Q4-23 sales were a notch better than expected thanks to Europe. Adj, operating income exceeded expectations, primarily thanks to a release of provision in the US and other settlements. FCF exceeded as well allowing AD to raise its dividend by almost 5% to EUR 1.10. Outlook allows for a small increase in estimates, while FCF guidance is above expectations. We maintain our Hold. TP unchanged at EUR 31.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.
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