Ahold Delhaize Reports a Strong Fourth-Quarter Sales Performance; Fair Value Estimate Raised 5%
No-moat Ahold Delhaize, or AD, reported a strong close to 2016, with fourth-quarter sales up 2.8% in constant currencies and adjusted for 2015's 53-week period. This was slightly ahead of our expectations and driven by strong trading in the Netherlands, particularly from online sales. Guidance reiterates that the 2016 underlying operating margin will be slightly ahead of that of 2015, and we are raising our fair value estimate by 5% to EUR 21.Comparable sales growth was 6.6% in the Netherlands ...
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