Ahold Delhaize N.V. : Solid US results and market-driven European concerns; TP raised to € 33
>Group EBIT beat expectations by 12% in Q3 2022 - Ahold Delhaize’s Q3 2022 results were better than expected, both in terms of price-driven sales growth and underlying EBIT. The latter came in some 12% ahead of our forecast and consensus, and even when stripping out a few components that are part of underlying EBIT but could be considered one-offs, the quarterly beat was still 6%, in our view. When looking at the divisions, we conclude that the US (>70% of group EBIT)...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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