Analyse aandeel Delhaize

Delhaize heeft geïnvesteerd in het verbeteren van zijn prijsniveau, merkenaanbod en assortiment wat moet helpen om concurrentie het hoofd te bieden. (Engelstalig rapport)

Kenneth Perkins 20 augustus, 2014 | 13:35
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INVESTMENT THESIS

Delhaize Group is a food retailing company with about 3,400 stores in the U.S., Belgium, southeastern Europe, and Asia. The company has an established presence in its markets, and we believe it will remain a viable competitor in the grocery channel. However, customer switching costs are virtually nonexistent in the grocery industry, making it difficult for most operators to avoid competing heavily on price, and we think Delhaize lacks the scale commanded by larger firms. As a result, we do not believe Delhaize’s competitive position is strong enough to warrant an economic moat.

Delhaize operates more than 1,300 stores under various banners located along the East Coast of the United States, including Food Lion, Bottom Dollar Food, and Hannaford stores. The company has an established store network in these markets, but increasing competition remains a threat. Rivals such as Wal-Mart and Costco often accept low or negative margins on food items to drive purchases of higher-margin nonfood items, making it difficult for traditional grocers to compete on price while maintaining historic margins. To confront these challenges, Delhaize has invested heavily in price and product assortment at its Food Lion chain, helping support the top line at the expense of margins (segment gross margin decreased from 27.9% in 2009 to 25.9% in 2013).

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Carrefour15,50 EUR1,01Rating
Etablissementen Franz Colruyt NV41,69 EUR-0,12
Koninklijke Ahold Delhaize NV27,95 EUR0,23Rating

Over de auteur

Kenneth Perkins  Ken Perkins is a stock analyst covering consumer packaged goods firms. He joined Morningstar in 2011 after graduating from Valparaiso University with a Bachelor of Science in Business Administration.

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