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CONSUMER STAPLES: Ahold Delhaize (Baa1/BBB+; S) equity analyst concerned for Q3

CONSUMER STAPLES
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Negative sentiment for the sector moving from France to US and targetingthe tightest curve, ADNA.

We said this in mid July and see no changes since (co reiterated the guidance in Q2 results); "FY24 guidance is for underlying operating margin of >=4%, EPS unch on '23 levels, capex of €2.2b and net of that ~€2.3b in FCF; consensus is ~largely in those ranges. Based on EBITDA consensus around low $7b it leaves current BS gross 3x and net 2x levered". Latter is in-range for current ratings (margins the mover for credit health - which held stable in 1H).

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Negative sentiment for the sector moving from France to US and targetingthe tightest curve, ADNA.

We said this in mid July and see no changes since (co reiterated the guidance in Q2 results); "FY24 guidance is for underlying operating margin of >=4%, EPS unch on '23 levels, capex of €2.2b and net of that ~€2.3b in FCF; consensus is ~largely in those ranges. Based on EBITDA consensus around low $7b it leaves current BS gross 3x and net 2x levered". Latter is in-range for current ratings (margins the mover for credit health - which held stable in 1H).

Keep reading...Show less