Ahold Delhaize N.V. : Investment case fully valid; Outperform recommendation reiterated
>Underlying EBIT came in 7% ahead of consensus - Ahold Delhaize’s underlying EBIT came in at € 829m, 7% ahead of consensus and 10% higher than our forecast. However, underlying EBIT included a never-before-seen benefit from Global Support Office (overhead), explained by a positive self-insurance result related to increased interest rates. Excluding this effect, underlying EBIT was in line with consensus, with a 3.5% beat in the US operations (60% of EBIT) and a 5% mis...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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