Benelux Morning Notes

Food Retail: Carrefour might be looking to sell its Polish stores WDP: €40m contribution in kind to finance KDL deal

Ahold Delhaize/2Q25 results: EPS guidance still at risk due to FX/HOLD

We reiterate our HOLD rating on Ahold Delhaize but lower our target price from €36 to €35, as we reduce our top- and bottom-line forecasts on higher FX headwinds. We remain cautious on Ahold Delhaize USA's organic growth, noting the ongoing price investment programme while inflation starts to build, as highlighted by market leader Walmart in its 2Q release. Consensus continues to see flat underlying operating profit in the country (excl. FX), while we remain more cautious there. This leads us to be 1.2% below Visible Alpha consensus at the Adj. EPS level, although we expect these investments t...

Benelux Morning Notes

Ahold Delhaize: Peer Walmart 2Q26 results. Montea: No surprises, 2025 and 2027 targets confirmed. Recticel: 1H25 preview. Zabka: Peer Dino Polska 2Q25 results

Q4 preview: beyond 2026, the focus will be on the 2028 guidance upgrade

Composition of Lecornu government announced Sunday evening increases political risk in France: underweight French equities

Last night's announcements on the composition of the main ministries in Lecornu's government make it highly likely his government will quickly be ousted, leaving Emmanuel Macron with little choice but to dissolve the Assembly. We recommend underweighting French equities. Although French stocks have only slightly outperformed the Stoxx 600 since Mr Lecornu's appointment (1% in performance, 0.7% in valuation for the CAC 40 vs Stoxx 600), and have continued to underperform since the dissolution, this does not protect them from the political and economic consequences of a potential new dissolution...

La composition du gouvernement Lecornu annoncée dimanche soir accroît le risque politique français : sous-pondérer les actions françaises

Les annonces d’hier soir sur la composition des principaux ministères du gouvernement Lecornu rendent hautement probable une censure rapide de son gouvernement, qui ne laisserait d’autre choix à Emmanuel Macron que de dissoudre l’Assemblée. Nous recommandons de sous-pondérer les actions françaises. Même si ces dernières n’ont que peu surperformé le Stoxx 600 depuis la nomination de Sébastien Lecornu (1% en performance, 0,7% en valorisation pour le CAC 40 vs Stoxx 600), et qu’elles sont toujours en sous-performance depuis la dissolution, cela ne les protège pas des conséquences politiques et éc...