Ahold Delhaize Reports In-Line 4Q Sales; U.S. Momentum Continues; Shares Slightly Rich
Ahold Delhaize reported fourth-quarter results, with fiscal 2018 sales at current exchange rates down 0.2%, in line with our expectations of down 0.4%. Management reaffirmed fiscal 2018 guidance and indicated that it expects EPS for the year to be at the high end of previous guidance (EUR 1.50 to EUR 1.60). Given this mostly in-line print, we are maintaining our EUR 19.50 fair value estimate and no-moat rating. Shares look slightly overvalued.We were pleased to see continuous improvement in the...
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