U.S. Beat in 3Q for Ahold Delhaize, Free Cash Flow Guidance Hiked; FVE Raised to EUR 19.50
Ahold Delhaize reported third-quarter results with sales up 3.6% at constant exchange rates, broadly in line with our expectations. Underlying operating margin improved 20 basis points to 4.1%, supported by synergies, while management reaffirmed long-term synergy targets and hiked free cash flow guidance for fiscal 2018 to EUR 2 billion from EUR 1.9 billion as a result of lower capital spending expected. We are increasing our fair value estimate to EUR 19.50 per share from EUR 18.60 to account f...
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