Ahold Delhaize : Solid Q3 2018 results – we reiterate our confidence, target price lifted to € 25
>Solid Q3 2018 results: EBIT 5% ahead of our expectations - Q3 2018: consolidated sales of € 15.8bn, +4.3% reported and +3.6% on an organic basis vs +1.5% estimated. Consolidated EBIT: € 647m, +9.6% reported and +8.8% on an organic basis, 5% ahead of our estimates (€ 615m est. +3.5%e organic). Consolidated EBIT margin: +17bp to 4.10% vs +2bp forecast. Excellent performances from the US (61% of sales and from consolidated EBIT) and strong trends in the Netherlands (22%...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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