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Koninklijke Ahold Delhaize NV ADR ADRNY

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2020 Results Ahead for Ahold Delhaize, but Cautious 2021 Guidance; Shares Fairly Valued

Analyst Note

| Ioannis Pontikis, CFA |

Koninklijke Ahold Delhaize released fourth-quarter results with sales up 13% (18% at constant currency), ahead of our and consensus expectations, resulting in EUR 74.7 billion net sales for the group in 2020 versus EUR 72.5 billion in our model and EUR 73.7 billion for consensus. Comparable sales growth for the year was up 12.5%, 14.4%, and 9.6% for the group, the U.S., and Europe, respectively, versus 14% for the U.S. and 8.6% for Europe based on company-compiled consensus. Online sales growth across regions continued to be strong (in the U.S. up 105% for the full year and 128.5% in the fourth quarter, in Europe up 42.7%), reflecting the group's resilience and solid online capabilities. Notably, (nonfood online retailer in Benelux) generated positive operating profits and double-digit returns on capital in 2020 with net consumer online sales reaching EUR 4.3 billion in 2020, EUR 1 billion higher than previously targeted.

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Company Profile

Business Description

Ahold Delhaize is the product of the July 2016 merger between Netherlands-based Ahold and Belgium's Delhaize, forming the fourth- largest grocer in the U.S. and a top player in many parts of Europe. The United States is the largest market, accounting for 62% of pro forma 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 and Belgium account for 21% and 8% of sales, respectively, and Ahold Delhaize holds the number-one and number-two positions in these countries. A further 9% of sales come from Central and Southeastern Europe, including the Czech Republic, Greece, Romania, and Serbia.

Provincialeweg 11
Zaandam, 1506 MA, Netherlands
T +31 886595100
Sector Consumer Defensive
Industry Grocery Stores
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 29, 2020
Stock Type
Employees 380,000