Koninklijke Ahold Delhaize N.V. (AD.AS)
ValueMarkers Composite Index
62% below intrinsic value ($127)
Koninklijke Ahold Delhaize N.V. (AD.AS) — VMCI valuation read
Headline read on AD.AS: VMCI of 63/100 versus a Consumer Defensive sector median of 50. The 13-point above-median position is what makes Koninklijke Ahold Delhaize N.V. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on AD.AS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on AD.AS: value (AD.AS trades at 27.0x earnings, 50% above the Consumer Defensive median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Consumer Defensive median (10.0%)), and risk (net debt to EBITDA of -0.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Defensive 12.0x baseline.
AD.AS rose 1.1% over the trailing 7 days, with a +0.6% read on a 30-day basis.
Koninklijke Ahold Delhaize N.V. operates retail food stores and e-commerce primarily in the United States and Europe. Its store formats include supermarkets, convenience stores, drugstores, and hypermarkets. It also subleases its stores to franchisees. As of January 2, 2022, it operated 7,452 stores primarily under local brands serving approximately 55 million customers, as well as online. The company was formerly known as Koninklijke Ahold N.V. and changed its name to Koninklijke Ahold Delhaize N.V. in July 2016. Koninklijke Ahold Delhaize N.V. was founded in 1887 and is headquartered in Zaandam, the Netherlands.
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