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...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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