Ahold Delhaize [Publication Heading]
Following the 3Q22 results that were reported last week, we have revisited our model and adjusted our FY22 estimates to the upside, in line with the guidance. Overall, we believe Ahold posted a strong quarter, albeit not as strong as the first look suggested given that the strong US margins were partially driven by one-offs. However, even excluding these effects, US margins still came in well above expectations. The picture was a bit different in Europe, where margins came in slightly below on the back of increased (energy) costs, a trend that will likely persist in the upcoming quarter (s). We further also welcome the new € 1.0bn share-buyback program and believe Ahold Delhaize has sufficient capacity to continue this programme beyond 2023. Accounting for the attractive shareholder remuneration, some of the highest margins in the sector and proven track record in an inflationary environment, we reiterate our Buy rating and € 32.0 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.
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