reports
- ING Helpdesk
- Hans D’Haese
- Maxime Stranart
Ahold Delhaize/2Q24 postview: Show me you can grow/HOLD
We reiterate our HOLD rating on Ahold Delhaize but increase our target price from €29 to €32 on the back of higher mid-to-long term sales expectations and a lower WACC. We continue to see limited short-term catalysts for the group, although we note that the company will lap easier comps than in 1H. On the other hand, management stated during its CMD that potential margin gains, especially in the US, will be re-invested in growth, in line with the new ‘Growing Together' programme. At our target p...
- ING Helpdesk
- Julian Dobrovolschi
- Julian Dobrovolschi
- Robert Jan Vos
Ahold Delhaize N.V. : Solid Q2 2024 allows room for manoeuvre in H2 20...
>Sales and EBIT beat consensus by 1% and 7.5%, respectively, in Q2 2024 - Ahold Delhaize reported group sales of € 22,349m and underlying EBIT of € 933m in Q2 2024, ahead of consensus by 1% and 7.5%, respectively. Reported EBIT was € 143m lower than underlying EBIT, predominantly due to € 122m in costs associated with the Belgium Future Plan. Underlying EPS came in at € 0.65, ahead of expectations. FCF was lower than our forecast, but the CFO said that cash generation...
- Christophe Chaput
- Hela Zarrouk
- Christophe Chaput
- Hela Zarrouk
- ING Helpdesk
- Robert Jan Vos
Ahold Delhaize N.V. : Very solid underlying results in Q2 2024; Outloo...
>Beating expectations on almost all key lines in Q2 2024 - Ahold Delhaize reported sales of € 22,349m in Q2 2024 (ABNe: € 22,108m, consensus: € 22,135m). Underlying EBIT was € 933m (ABNe and consensus: € 868m), implying profitability of 4.2% (ABNe and consensus: 3.9%). Comparable growth was -0.4% in the US (ABNe: -0.3%, consensus: -0.5%) and 2.4% in Europe (ABNe: 1.3%, consensus: 1.7%). EBIT profitability was 4.7% in the US (ABNe and consensus: 4.4%), and 3.7% in Euro...
- Michiel Declercq
- Thomas Couvreur
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
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- Geoffroy Michalet
Intertek : Margin well above our forecasts and the consensus - guidanc...
>A positive trajectory for organic growth and the margin - The group reported this morning its H1 earnings. Sales came to £ 1,670m, in line with forecasts, up 1.8%, including a negative forex effect at -4.8% (vs -5.0%e) and a marginal contribution from acquisitions at 0.5% (vs 0.5%e). We had forecast £ 1,666m and the consensus £ 1,674m. Organic growth stands at 6.1%, a shade above our forecast (5.7%e) and the consensus (5.7%)All divisions are showing brisk moment...
- Geoffroy Michalet
Intertek : Marge sensiblement supérieure à nos attentes et au CSS – Gu...
>Une trajectoire de croissance organique et de marge bien orientée - Le groupe a publié ce matin ses résultats S1. Le CA ressort à 1 670 M£ en ligne avec les attentes, en hausse de 1.8% incluant un effet de change négatif à -4.8% (vs -5.0%e), une contribution marginale des acquisitions à 0.5% (vs 0.5%e). Là où nous attendions 1 666 M£ et le consensus 1 674 M£. La croissance organique ressort à 6.1% légèrement supérieure à notre attente (5.7%e) et le CSS (5.7%).T...
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
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AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Robert Jan Vos
Ahold Delhaize N.V. : Another solid update expected on 7 August (Q2 20...
>Q2 2024 results due on 7 August - Ahold Delhaize is set to report its Q2 2024 results on 7 August at 07:45 and will host a conference call later that morning at 10:00. We forecast € 22.1bn net sales, € 868m underlying operating income, and € 0.60 EPS for Q2 2024. We expect an interim dividend of € 0.47 (40% of expected H1 2024e EPS of € 1.19) to be declared.Negative impact on growth in the US in Q2 from calendar shifts and SNAP - We assume a negativ...
- ING Helpdesk
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
FP TOTAL SE
GET GETLINK SE
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
RHM RHEINMETALL AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
ENG ENAGAS SA
BC BRUNELLO CUCINELLI S.P.A.
NN NN GROUP N.V.
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SIK SIKA AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
FP TOTAL SE
GET GETLINK SE
EQNR EQUINOR ASA
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
DAI DAIMLER AG
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
RHM RHEINMETALL AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
ENG ENAGAS SA
BC BRUNELLO CUCINELLI S.P.A.
NN NN GROUP N.V.
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SIK SIKA AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
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