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Koninklijke Ahold Delhaize NV AD

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€27.14 +0.18 (0.67%)
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Company Report

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Ahold Delhaize's Strong Local Positions Should Support Profitable Growth Ahead

Ioannis Pontikis

Koninklijke Ahold Delhaize is one of the largest grocers in the United States with over $60 billion in sales. It holds the number-one or number-two position in most of its markets with Albert Heijn in the Netherlands the group's most prized asset, commanding over 35% share. The company has generally managed its expansion and operations prudently, with low levels of financial leverage and a strategy of financing its dividend and share buybacks using its free cash flow.

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Price vs Fair Value

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AD is trading at a 13% discount.
Price
€26.96
Fair Value
€58.00
Uncertainty
Medium
1-Star Price
€56.26
5-Star Price
€57.60
Economic Moat
Pnfbp
Capital Allocation
Jxmspdq

Bulls Say, Bears Say

Bulls

Albert Heijn boasts an undisputed leading market position in the Netherlands in online grocery and food retail (37% share).

Bears

The grocer needs to keep investing in automation and fulfilment efficiency in order to streamline the still poor economics of the online channel.

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Trading Information

Previous Close Price
€26.96
Day Range
€26.82–27.17
52-Week Range
€25.40–31.88
Bid/Ask
€26.92 / €27.20
Market Cap
€25.62 Bil
Volume/Avg
2.4 Mil / 2.1 Mil

Key Statistics

Price/Earnings (Normalized)
10.48
Price/Sales
0.29
Dividend Yield (Trailing)
4.08%
Dividend Yield (Forward)
4.53%
Total Yield
8.00%

Company Profile

Ahold Delhaize is the product of the July 2016 merger between Netherlands-based Ahold and Belgium's Delhaize, forming one of the largest grocers in the U.S. and a top player in many parts of Europe. The U.S. is the largest market, accounting for over 60% of group sales, with Ahold Delhaize the leading grocer on the Eastern Seaboard. The U.S. store network stretches from Maine to Georgia and includes such banners as Stop & Shop, Giant Carlisle, Giant Landover, Food Lion, Hannaford, and Peapod. The Netherlands, Belgium, and Central and Southeastern Europe, including the Czech Republic, Greece, Romania, and Serbia, account for slightly less than 40% of sales. Ahold Delhaize holds the number-one and number-two positions in these countries.
Sector
Consumer Defensive
Industry
Grocery Stores
Stock Style Box
Large Value
Total Number of Employees
402,000
Website
https://www.aholddelhaize.com

Competitors

Valuation

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Metric
AD
KR
TSCO
Price/Earnings (Normalized)
 10.4811.8011.46
Price/Book Value
 1.733.441.69
Price/Sales
 0.290.270.30
Price/Cash Flow
 4.016.745.66
Price/Earnings
AD
KR
TSCO

Financial Strength

Metric
AD
KR
TSCO
Quick Ratio
 0.400.330.57
Current Ratio
 0.730.810.74
Interest Coverage
 3.897.433.16
Quick Ratio
AD
KR
TSCO

Profitability

Metric
AD
KR
TSCO
Return on Assets (Normalized)
 5.03%6.91%3.67%
Return on Equity (Normalized)
 16.10%32.00%13.64%
Return on Invested Capital (Normalized)
 11.58%12.44%7.70%
Return on Assets
AD
KR
TSCO
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Economic Moat
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