Ahold Delhaize : More than a plain vanilla break-up is needed to unlock further value
>Our SOTP valuation points to a fair valuation for Ahold Delhaize - Using our mid-range value of € 6bn for BOL.com, we conclude that Ahold Delhaize’s sum-of-the-parts (SOTP) valuation points to a fair value, which is in line with the current share price. We use 2022 EV/EBIT valuation multiples of listed peers in both Europe and the US, which values Ahold’s US operations at € 29bn and its European operations excluding BOL.com at € 15bn. Combined with corporate costs an...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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