Synergies and Tax Reform Drive Cash Flow Surprise for AD; In-Store Volume Sales Remain Weak
No-moat Ahold Delhaize reported fourth-quarter and full fiscal 2017 results with sales growth of 1.6% and 1.7% at constant exchange rates, respectively, in line with our 2017 expectations. Underlying operating margin improved by 20 basis points to 3.9% as expected, mainly as a result of synergies brought forward, while the positive free cash flow surprise was driven by new tax reform. We are retaining our fair value estimate of EUR 18.60.Weakness in the Northeastern U.S. is continuing, as Ahold...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.