Ahold Delhaize Reports In-Line 2Q and 1H 2018 results; Guidance Confirmed; Shares Slightly Rich
No-moat Ahold Delhaize reported second-quarter and half-year 2018 results with 0.9% and 1.7% growth in sales at constant exchange rates (down 3.7% and 4.8% at current exchange rates), respectively, in line with our expectations. Underlying operating margin improved by 10 basis points to 4%, supported by synergies, while management reaffirmed guidance for fiscal 2018 (EUR 750 million gross synergies, EUR 1.9 billion free cash flow, and EUR 1.9 billion capital spending). We are maintaining our EUR...Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.
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