No-Moat Ahold Delhaize Reports In-Line 1Q; Guidance Confirmed; Shares Fairly Valued
No-moat Ahold Delhaize reported first-quarter 2018 results with 2.5% growth in sales at constant exchange rates (down 5.9% at current exchange rates), in line with our expectations. Underlying operating margin improved by 20 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 18.60 fair value estimate. Shares look fairly v...
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