Ahold Delhaize Presents Broadly In-Line Guidance and a Revamped Growth Strategy in CMD; Shares Rich
On Nov. 13, Ahold Delhaize presented its renewed growth strategy ("Leading Together") and updated its guidance at capital markets day in New York. Following this mostly in line print, we maintain our no-moat rating and do not expect a material change to our EUR 19.5 per share ($23.5 per ADR) fair value estimate after updating our model for minor changes in guidance. At the time of writing, shares trade around 17% higher than our fair value estimate. We believe consensus does not factor in the im...
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