Koninklijke Ahold Delhaize NV

AD: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ahold Delhaize Earnings: Sound Performance With Stabilizing US Environment; Outlook Maintained

Verushka Shetty

Nov 6, 2024

We maintain our EUR 32.50/$36 fair value estimates for no-moat Ahold Delhaize after the firm reported third-quarter results in line with our estimates and slightly above company-compiled consensus. Management reiterated its 2024 guidance, including operating margin of at least 4.0% and EPS to be around fiscal 2023 levels at constant-currency rates, which we think is attainable. The firm also announced a share buyback program of EUR 1 billion, which will commence in 2025. Shares were up around 7% after the release thanks to the consensus beat and we view the stock as fairly valued.

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Koninklijke Ahold Delhaize NV

Ahold Delhaize Earnings: Sound Performance With Stabilizing US Environment; Outlook Maintained

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