Ahold - Delhaize (Page 2 sur 11)

Bonjour,

Suite à la recommandation de Morgan, je me suis renforcé hier à 49,15 et une grosse louche!!! Snif, J'en reprendrais une nouvelle louche.
Tout comme Nico le dit, nous sommes à nouveau à un bon point d'entrée. Avis aux amateurs

Suis dedans pour 1/2 ligne à 46.57 ... let's hope ...  Je me demande comment le cours se serait comporté si ce jour il n'y avait pas eu aussi les avis d'UBS et JP Morgan

Bonjour Cnico,
Voici ce que dit ING:
"DELHAIZE: We remain cautious in the run up to 3Q13

After the disappointment earlier in the week about another departure (CEO Delhaize Europe) at Delhaize we are expecting a tough quarter ahead for Delhaize:

-          US: We do not expect much change during the quarter, inflation picked up a bit we reckon (from a -20bp in 2Q13 to a small +/+ in 3Q13), uncertainty on food stamps outcome could also impact Delhaize (c.15% exposure of sales). Margin-wise in 3Q13 the impact of the bonus accrual will be felt (an 100bp impact YoY), furthermore more price investments will be seen (a modest step up expected compared to the 80bp range from 1H13). We expect 3Q13 margins of 3.9%.

-          Belgium:  Already Colruyt highlighted that the current economic environment will weigh on growth trends, inflation is coming down a fraction to ~3% level for the market. Margin wise Belgium will see SG&A costs increase in 2H13, especially the impact of Lidl is being felt in a bigger way, inflation on fruit & vegetables will also have a negative impact, calendar impact in 3Q13 will be +1.8%, we see a modest decline in EBIT margins to 3.3%

-          SE Europe: We expect the market to remain a tough market to operate in especially Serbia remains difficult. No changes in terms of trends either margins or growth foreseen.

-          With the arrival of the new CEO we would not exclude further steps to be taken by Delhaize which might involve a renewed investment phase, however the focus on FCF development will remain.

o        How will Delhaize position Food Lion into the future? Delhaize still faces a low turnover per m2. Delhaize in US aims to set up a new store concept (a pilot which will see a larger test in a larger market in 2014). Could see a remodelling program starting in 2014 which might cost up to $1.0-$1.5m per store (and with 1550 stores in the US this could become sizeable)

o        What about Bottom Dollar Food?: Still loss making but full closure seems to be further away, how to bring back profitability without investment in the store concept?

o        SE Europe: Strong growth dynamics now at a crossroad needs more capital injected ( New DC ’s, New Stores) we expect.

o        Belgium: own stores have a higher cost profile compared to peers could we see a renewed focus on SG&A?

In the run-up to the 3Q13 results on 7th of November we remain cautious, with a tough comparable upcoming on margins and some risk related to the many organisational changes.

Price: €45.5; Last published: target price: €53; recommendation: HOLD

Et puis je suppose que les vautoursshorteurs sont revus en masse après l'hécatombe des têtes du management !

@emr,

Grand merci pour ta réponse très explicite.

Cnico

Merci Doc! Bien reçu!

Bonjour,

L'émission Buy and Sell d'hier soir était sur le titre Delhaize: Achat avec objectif de cours 60 dans les 12 mois

Cnico

@Emr et Cnico,
merci pour vos recherches, ça fait gagner du temps.

Birdie