Ahold Delhaize's Free Cash Flow Surprises on Upside for 2018, but Margins Excluding Synergies Flat
Ahold Delhaize reported full-year sales that were down 0.2% at current exchange rates, in line with our expectation of down 0.4%. Management confirmed 2019 guidance of high-single-digit EPS growth, EUR 2 billion in free cash flow (versus EUR 2.3 billion in 2018), EUR 1 billion in share buybacks, and EUR 2 billion in capital expenditures. Operating margin was up 20 basis points to 4.2%, supported by synergies. We expect to increase our EUR 19.50 fair value estimate by a mid-single-digit percentag...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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