Ahold Reports In-Line 1Q Results, Confirms Lowered Guidance After U.S. Strikes; Shares Fairly Valued
No-moat Ahold Delhaize reported first-quarter results largely in line with our expectations and consensus, with sales up 1.5% at constant exchange rates and underlying EBIT margin flat (versus the same period last year) at 4.4%, while free cash flow was down at negative EUR 136 million, affected by Easter timing, capital expenditures, and higher taxes paid. Management confirmed the lowered fiscal 2019 guidance, provided April 23 (including U.S. strikes, which will negatively affect U.S. operatin...
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