reports
- ING Helpdesk
- Hans D’Haese
- Maxime Stranart
Ahold Delhaize/3Q23 postview: US margin starts to fall/HOLD
We reiterate our HOLD rating and €32 target price on Ahold Delhaize as we continue to carry below consensus estimates for FY24/25F due to required price investments in the United States to reignite volume growth for some store formats. We expect this to allow Ahold Delhaize to meet its HSD Core EPS CAGR target over 2024-28F, with INGF standing c.5% above Visible Alpha consensus on Core EPS 2028F. In the short term, however, we see limited catalysts for the group, except for a potential corporate...
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Robert Jan Vos
Ahold Delhaize N.V. : Entering next growth phase – TP increased to € 3...
>Q3 2024 EBIT 2% ahead of consensus, behind strong recovery in Europe - Ahold Delhaize’s Q3 2024 underlying EBIT of € 855m came in 2% ahead of consensus and slightly higher than our forecast. The results were in line with consensus for the US, and materially better than expected for the European operations. Comparable growth came in stronger than expected for both regions. Management added that the European operations reported their fourth consecutive quarter of volum...
- Michiel Declercq
Ahold Delhaize Conference call feedback
Ahold Delhaize's share price is up c. 6% today, driven by the solid 3Q24 results, reporting an underlying EBIT of € 855m (css: € 834m, kbcse: € 856m). The better than expected results were largely driven by good margin improvements in Europe, with the 3.9% margin now being very close to AD's ambition of at least 4%. Note that besides the solid results, the share price performance today is also partially driven by the strengthening of the USD (c. 61% US Sales). Below we summarize the key highligh...
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Robert Jan Vos
Ahold Delhaize N.V. : Another solid quarterly update with a strong rec...
>Underlying EBIT ahead of consensus, attributable to Europe mainly - Ahold Delhaize reported net sales of € 22,003m in Q3 2024, compared with our forecast of € 22,134m and consensus of € 21,912m. Underlying EBIT came in at € 855m (ABNe: € 851m, consensus: € 837m). Underlying EBIT profitability was 3.9% (ABNe and consensus: 3.8%). Comparable growth amounted to 1.2% in the US (ABNe: 1.3%, consensus: 1.0%), and 1.6% in Europe (ABNe: 1.5%, consensus: 1.0%). Group underlyi...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar
- Robert Jan Vos
Ahold Delhaize N.V. : Company-collected consensus mildly below our est...
>Ahold Delhaize published its company-collected consensus on 21 October - Ahold Delhaize is scheduled to report its Q3 2024 results on 6 November. In anticipation of this release, the food retailer distributed its company-collected consensus estimates to participating analysts on 21 October (see table). We note that our forecasts for Q3 2024 and the full year 2024 are slightly above the consensus estimates. Specifically, for Q3 2024, our sales, EBIT, and net profit es...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/10/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Robert Jan Vos
Ahold Delhaize N.V. : Run-of-the-mill third quarter expected
>Ahold Delhaize’s Q3 2024 results are due 6 November - Ahold Delhaize will report its Q3 2024 result on 6 November at 07:45, followed by a conference call at 10:00. The retailer is currently collecting estimates to prepare consensus forecasts. We spoke with the company recently (last week Friday).US – volume trends on track and significant one-off costs - We expect volume trends to improve, remaining on track for positive growth across all banners exc...
- 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...
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