Ahold Delhaize : Upgrade to Outperform due to unanticipated attractive entry level
>On an adjusted basis, Q4 2021 EBIT was in line with our forecast - Ahold Delhaize’s underlying EBIT came in at € 838m in Q4 2021, and adjusted for a one-time reserve release of about € 30m in the US, the outcome was in line with our forecast but 1.5% below consensus. We note, however, that the year-on-year margin drop in Europe (of 60bp) was worse than either we or consensus had foreseen. Comparable sales growth was better than expected in both Europe and the US in Q...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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