Ahold Delhaize 4Q24 Earnings preview and model update make us revise our TP upwards
Running up to the publication of the FY24 results on Wednesday Feb 12, we have adjusted our model to include the recently closed Profi acquisition, while also accounting for the positive fx tailwind. We further expect the group to meet its FY24 outlook and expect group margins to remain above the 4.0% again in 2025, despite ongoing price investments in North-America, and some expected margin drag from the Profi acquisition. We reiterate our Buy rating and increase our TP from € 32.5 to 38.0 ps.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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