Home 170705 Ahold Delhaize | revisiting our investment case
170705 Ahold Delhaize | revisiting our investment case

170705 Ahold Delhaize | revisiting our investment case

No. pages 28
Description AholdDelhaize’s share price performance has disappointed triggered by a dismal industry news flow. Although we don’t deny industry wide challenges, we believe that current valuation multiples and yields are too attractive
to ignore and don’t reflect Ahold Delhazie’s attractive profile which enjoys favorable market positions and above average profit margins.
Contents

Executive summary
1 Kroger warning underlines tough US grocery climate....
2 ....however, we still expect inflation kicking in as of H2-17
3 Lidl entering and Aldi further expanding in US grocery
4 Amazon acquiring ‘troubled’ Whole Foods
5 current valuation simply too undemanding in our view
6 SOTP scenarios more realistic if share price softness continues
Appendix

Created Date: Friday July 07, 2017 10:11:11
Last Updated Date: Friday July 07, 2017 10:11:11
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