AHOLD DELHAIZE : Solid FY20 and expectations well-managed
We think that FY20 again flagged Ahold Delhaize’s excellent track record and healthy financial profile. After a very solid FY20, the situation will normalize in FY21, as expected. Nevertheless, compared to a pre-COVID19 situation Ahold Delhaize will able to show interesting growth. With margins >4% Ahold Delhaize remains one of the most profitable retailers in the industry and it can count on rapidly growing online platforms in the US and EU. We confirm our € 28.5 target price and maintain our Buy. We think yesterday’s share price weakness is good entry moment.
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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