reports
- Ioannis Pontikis
Morningstar | Ahold Reports In-Line 1Q Results, Confirms Lowered Guida...
No-moat Ahold Delhaize reported first-quarter results largely in line with our expectations and consensus, with sales up 1.5% at constant exchange rates and underlying EBIT margin flat (versus the same period last year) at 4.4%, while free cash flow was down at negative EUR 136 million, affected by Easter timing, capital expenditures, and higher taxes paid. Management confirmed the lowered fiscal 2019 guidance, provided April 23 (including U.S. strikes, which will negatively affect U.S. operatin...
- Ioannis Pontikis
Ahold Reports In-Line 1Q Results, Confirms Lowered Guidance After U.S....
No-moat Ahold Delhaize reported first-quarter results largely in line with our expectations and consensus, with sales up 1.5% at constant exchange rates and underlying EBIT margin flat (versus the same period last year) at 4.4%, while free cash flow was down at negative EUR 136 million, affected by Easter timing, capital expenditures, and higher taxes paid. Management confirmed the lowered fiscal 2019 guidance, provided April 23 (including U.S. strikes, which will negatively affect U.S. operatin...
- Ioannis Pontikis
Morningstar | ADRNY Updated Forecasts and Estimates from 29 Apr 2019
Post-merger, Ahold Delhaize Group is the fourth-largest grocer in the United States with more than $40 billion in sales, and it holds the number-one or number-two position in most of the markets in which it operates, with Albert Heijn in the Netherlands the group's most successful business unit, commanding dominant market share (35%). The company sports best-in-class free cash flow generation and has generally managed its expansion and operations prudently, with low levels of financial leverage ...
- Ioannis Pontikis
Morningstar | Ahold Delhaize's Free Cash Flow Surprises on Upside for ...
Post-merger, Ahold Delhaize Group is the fourth-largest grocer in the United States with more than $40 billion in sales, and it holds the number-one or number-two position in most of the markets in which it operates, with Albert Heijn in the Netherlands the group's most successful business unit, commanding dominant market share (35%). The company sports best-in-class free cash flow generation and has generally managed its expansion and operations prudently, with low levels of financial leverage ...
- Ioannis Pontikis
Ahold Delhaize's Free Cash Flow Surprises on Upside for 2018, but Marg...
Ahold Delhaize reported full-year sales that were down 0.2% at current exchange rates, in line with our expectation of down 0.4%. Management confirmed 2019 guidance of high-single-digit EPS growth, EUR 2 billion in free cash flow (versus EUR 2.3 billion in 2018), EUR 1 billion in share buybacks, and EUR 2 billion in capital expenditures. Operating margin was up 20 basis points to 4.2%, supported by synergies. We expect to increase our EUR 19.50 fair value estimate by a mid-single-digit percenta...
- Ioannis Pontikis
Morningstar | Ahold Delhaize's Free Cash Flow Surprises on Upside for ...
Ahold Delhaize reported full-year sales that were down 0.2% at current exchange rates, in line with our expectation of down 0.4%. Management confirmed 2019 guidance of high-single-digit EPS growth, EUR 2 billion in free cash flow (versus EUR 2.3 billion in 2018), EUR 1 billion in share buybacks, and EUR 2 billion in capital expenditures. Operating margin was up 20 basis points to 4.2%, supported by synergies. We expect to increase our EUR 19.50 fair value estimate by a mid-single-digit percenta...
- Ioannis Pontikis
Ahold Delhaize's Free Cash Flow Surprises on Upside for 2018, but Marg...
Ahold Delhaize reported full-year sales that were down 0.2% at current exchange rates, in line with our expectation of down 0.4%. Management confirmed 2019 guidance of high-single-digit EPS growth, EUR 2 billion in free cash flow (versus EUR 2.3 billion in 2018), EUR 1 billion in share buybacks, and EUR 2 billion in capital expenditures. Operating margin was up 20 basis points to 4.2%, supported by synergies. We expect to increase our EUR 19.50 fair value estimate by a mid-single-digit percenta...
- Ioannis Pontikis
Morningstar | Ahold Delhaize Reports In-Line 4Q Sales; U.S. Momentum C...
Ahold Delhaize reported fourth-quarter results, with fiscal 2018 sales at current exchange rates down 0.2%, in line with our expectations of down 0.4%. Management reaffirmed fiscal 2018 guidance and indicated that it expects EPS for the year to be at the high end of previous guidance (EUR 1.50 to EUR 1.60). Given this mostly in-line print, we are maintaining our EUR 19.50 fair value estimate and no-moat rating. Shares look slightly overvalued. We were pleased to see continuous improvement in...
- Ioannis Pontikis
Ahold Delhaize Reports In-Line 4Q Sales; U.S. Momentum Continues; Shar...
Ahold Delhaize reported fourth-quarter results, with fiscal 2018 sales at current exchange rates down 0.2%, in line with our expectations of down 0.4%. Management reaffirmed fiscal 2018 guidance and indicated that it expects EPS for the year to be at the high end of previous guidance (EUR 1.50 to EUR 1.60). Given this mostly in-line print, we are maintaining our EUR 19.50 fair value estimate and no-moat rating. Shares look slightly overvalued. We were pleased to see continuous improvement in ...
- Ioannis Pontikis
Morningstar | Ahold Delhaize Presents Broadly In-Line Guidance and Rev...
Post-merger, Ahold Delhaize Group is the fourth-largest grocer in the United States with more than $40 billion in sales, and it holds the number-one or number-two position in most of the markets in which it operates, with Albert Heijn in the Netherlands the group's most successful business unit, commanding dominant market share (35%). The company sports best-in-class free cash flow generation and has generally managed its expansion and operations prudently, with low levels of financial leverage ...
- Ioannis Pontikis
Ahold Delhaize Presents Broadly In-Line Guidance and Revamped Growth S...
On Nov. 13, Ahold Delhaize presented its renewed growth strategy ("Leading Together") and updated its guidance at capital markets day in New York. Following this mostly in line print, we maintain our no-moat rating and do not expect a material change to our EUR 19.5 per share ($23.5 per ADR) fair value estimate after updating our model for minor changes in guidance. At the time of writing, shares trade around 17% higher than our fair value estimate. We believe consensus does not factor in the im...
- Ioannis Pontikis
Morningstar | Ahold Delhaize Presents Broadly In-Line Guidance and a R...
On Nov. 13, Ahold Delhaize presented its renewed growth strategy ("Leading Together") and updated its guidance at capital markets day in New York. Following this mostly in line print, we maintain our no-moat rating and do not expect a material change to our EUR 19.5 per share ($23.5 per ADR) fair value estimate after updating our model for minor changes in guidance. At the time of writing, shares trade around 17% higher than our fair value estimate. We believe consensus does not factor in the im...
- Ioannis Pontikis
Ahold Delhaize Presents Broadly In-Line Guidance and a Revamped Growth...
On Nov. 13, Ahold Delhaize presented its renewed growth strategy ("Leading Together") and updated its guidance at capital markets day in New York. Following this mostly in line print, we maintain our no-moat rating and do not expect a material change to our EUR 19.5 per share ($23.5 per ADR) fair value estimate after updating our model for minor changes in guidance. At the time of writing, shares trade around 17% higher than our fair value estimate. We believe consensus does not factor in the im...
- Ioannis Pontikis
Morningstar | U.S. Beat in 3Q for Ahold Delhaize, Free Cash Flow Guida...
Ahold Delhaize reported third-quarter results with sales up 3.6% at constant exchange rates, broadly in line with our expectations. Underlying operating margin improved 20 basis points to 4.1%, supported by synergies, while management reaffirmed long-term synergy targets and hiked free cash flow guidance for fiscal 2018 to EUR 2 billion from EUR 1.9 billion as a result of lower capital spending expected. We are increasing our fair value estimate to EUR 19.50 per share from EUR 18.60 to account f...
- Ioannis Pontikis
Morningstar | U.S. Beat in 3Q for Ahold Delhaize, Free Cash Flow Guida...
Ahold Delhaize reported third-quarter results with sales up 3.6% at constant exchange rates, broadly in line with our expectations. Underlying operating margin improved 20 basis points to 4.1%, supported by synergies, while management reaffirmed long-term synergy targets and hiked free cash flow guidance for fiscal 2018 to EUR 2 billion from EUR 1.9 billion as a result of lower capital spending expected. We are increasing our fair value estimate to EUR 19.50 per share from EUR 18.60 to account f...
- Ioannis Pontikis
U.S. Beat in 3Q for Ahold Delhaize, Free Cash Flow Guidance Hiked; FVE...
Ahold Delhaize reported third-quarter results with sales up 3.6% at constant exchange rates, broadly in line with our expectations. Underlying operating margin improved 20 basis points to 4.1%, supported by synergies, while management reaffirmed long-term synergy targets and hiked free cash flow guidance for fiscal 2018 to EUR 2 billion from EUR 1.9 billion as a result of lower capital spending expected. We are increasing our fair value estimate to EUR 19.50 per share from EUR 18.60 to account f...
- Ioannis Pontikis
Morningstar | Ahold Delhaize Reports In-Line 2Q and 1H 2018 results; G...
No-moat Ahold Delhaize reported second-quarter and half-year 2018 results with 0.9% and 1.7% growth in sales at constant exchange rates (down 3.7% and 4.8% at current exchange rates), respectively, in line with our expectations. Underlying operating margin improved by 10 basis points to 4%, supported by synergies, while management reaffirmed guidance for fiscal 2018 (EUR 750 million gross synergies, EUR 1.9 billion free cash flow, and EUR 1.9 billion capital spending). We are maintaining our EU...
- Ioannis Pontikis
Ahold Delhaize Reports In-Line 2Q and 1H 2018 results; Guidance Confir...
No-moat Ahold Delhaize reported second-quarter and half-year 2018 results with 0.9% and 1.7% growth in sales at constant exchange rates (down 3.7% and 4.8% at current exchange rates), respectively, in line with our expectations. Underlying operating margin improved by 10 basis points to 4%, supported by synergies, while management reaffirmed guidance for fiscal 2018 (EUR 750 million gross synergies, EUR 1.9 billion free cash flow, and EUR 1.9 billion capital spending). We are maintaining our EU...
- Ioannis Pontikis
Synergies and tax reform drive cash flow surprise for AD; in-store vol...
Post-merger, Ahold Delhaize Group is the fourth-largest grocer in the United States with more than $40 billion in sales, and it holds the number-one or number-two position in most of the markets in which it operates, with Albert Heijn in the Netherlands the group's most successful business unit, commanding dominant market share (35%). The company sports best-in-class free cash flow generation and has generally managed its expansion and operations prudently, with low levels of financial leverage ...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/Vodafone confirms long awaited Liberty dea...
Vodafone (VOD) has agreed to buy Liberty Global's assets in Germany (Unitymedia) and its operations in the Czech Republic, Hungary and Romania for a total enterprise value of €18.4bn, consisting of a cash consideration of c.€10.8bn and the assumption of €7.6bn of existing debt. As a result, Vodafone has increased its net debt/EBITDA target to 2.5-3.0x, from 2.0-2.5x currently, and expects leverage to be at the upper end of the new corridor on a pro-forma basis upon closing of the transacti...
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