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Pre-market 02:33:38 am | ||
26.49 EUR | -0.28% | 26.65 | +0.63% |
Dec. 01 | AHOLD DELHAIZE : JP Morgan reaffirms its Sell rating | ZD |
Nov. 30 | AHOLD DELHAIZE : Gets a Sell rating from JP Morgan | ZD |
Valuation
Fiscal Period : January | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Capitalization 1 | 24 949 | 24 256 | 24 468 | 30 575 | 26 232 | 25 446 | - | - |
Enterprise Value (EV) 1 | 28 054 | 35 837 | 35 902 | 44 521 | 40 648 | 40 230 | 39 977 | 40 272 |
P/E ratio | 14,5x | 14,0x | 17,8x | 13,9x | 10,6x | 12,5x | 10,2x | 9,30x |
Yield | 3,17% | 3,41% | 3,89% | 3,15% | 3,91% | 4,08% | 4,37% | 4,66% |
Capitalization / Revenue | 0,40x | 0,37x | 0,33x | 0,40x | 0,30x | 0,29x | 0,28x | 0,27x |
EV / Revenue | 0,45x | 0,54x | 0,48x | 0,59x | 0,47x | 0,45x | 0,44x | 0,43x |
EV / EBITDA | 6,52x | 6,50x | 5,58x | 7,03x | 5,68x | 5,75x | 5,55x | 5,41x |
EV / FCF | 12,0x | 19,4x | 16,3x | 27,5x | 18,6x | 16,5x | 19,8x | 19,6x |
FCF Yield | 8,35% | 5,14% | 6,13% | 3,63% | 5,38% | 6,06% | 5,05% | 5,09% |
Price to Book | 1,68x | 1,72x | 1,98x | 2,26x | 1,73x | 1,66x | 1,59x | 1,57x |
Nbr of stocks (in thousands) | 1 130 200 | 1 087 956 | 1 058 752 | 1 014 615 | 977 353 | 960 753 | - | - |
Reference price 2 | 22,1 | 22,3 | 23,1 | 30,1 | 26,8 | 26,5 | 26,5 | 26,5 |
Announcement Date | 02/27/19 | 02/12/20 | 02/17/21 | 02/16/22 | 02/15/23 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
Fiscal Period : Enero | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 62 791 | 66 260 | 74 736 | 75 601 | 86 984 | 88 892 | 91 075 | 93 399 |
EBITDA 1 | 4 305 | 5 510 | 6 435 | 6 335 | 7 161 | 7 000 | 7 202 | 7 444 |
EBIT 1 | 2 554 | 2 700 | 3 594 | 3 331 | 3 728 | 3 570 | 3 659 | 3 805 |
Operating Margin | 4,07% | 4,07% | 4,81% | 4,41% | 4,29% | 4,02% | 4,02% | 4,07% |
Earnings before Tax (EBT) 1 | 2 149 | 2 134 | 1 706 | 2 803 | 3 216 | 2 679 | 3 056 | 3 226 |
Net income 1 | 1 793 | 1 766 | 1 397 | 2 246 | 2 546 | 2 138 | 2 454 | 2 613 |
Net margin | 2,86% | 2,67% | 1,87% | 2,97% | 2,93% | 2,41% | 2,69% | 2,80% |
EPS 2 | 1,52 | 1,59 | 1,30 | 2,17 | 2,54 | 2,12 | 2,59 | 2,85 |
Free Cash Flow 1 | 2 342 | 1 843 | 2 199 | 1 618 | 2 188 | 2 438 | 2 019 | 2 051 |
FCF margin | 3,73% | 2,78% | 2,94% | 2,14% | 2,52% | 2,74% | 2,22% | 2,20% |
FCF Conversion (EBITDA) | 54,4% | 33,4% | 34,2% | 25,5% | 30,6% | 34,8% | 28,0% | 27,6% |
FCF Conversion (Net income) | 131% | 104% | 157% | 72,0% | 85,9% | 114% | 82,3% | 78,5% |
Dividend per Share 2 | 0,70 | 0,76 | 0,90 | 0,95 | 1,05 | 1,08 | 1,16 | 1,24 |
Announcement Date | 27/02/19 | 12/02/20 | 17/02/21 | 16/02/22 | 15/02/23 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
Fiscal Period : Enero | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales 1 | 18 645 | 18 545 | 20 148 | 19 774 | 21 445 | 22 407 | 23 359 | 21 624 | 22 068 | 21 934 | 23 143 | 21 880 | 22 614 | 22 417 | 23 652 |
EBITDA 1 | 1 562 | 1 568 | 1 635 | 1 636 | 1 728 | 1 886 | - | 1 736 | 1 764 | 1 706 | 1 884 | 1 728 | 1 848 | 1 846 | 1 931 |
EBIT 1 | 832 | 812 | 838 | 829 | 880 | 993 | 1 026 | 864 | 904 | 839 | 964 | 868 | 892 | 872 | 986 |
Operating Margin | 4,46% | 4,38% | 4,16% | 4,19% | 4,10% | 4,43% | 4,39% | 4,00% | 4,10% | 3,83% | 4,17% | 3,96% | 3,95% | 3,89% | 4,17% |
Earnings before Tax (EBT) 1 | - | - | - | - | - | - | - | - | - | - | 807 | 682 | 704 | 713 | 804 |
Net income 1 | 540 | 522 | 634 | 546 | 603 | 589 | 809 | 561 | 468 | 394 | 670 | 550 | 574 | 582 | 651 |
Net margin | 2,90% | 2,81% | 3,15% | 2,76% | 2,81% | 2,63% | 3,46% | 2,59% | 2,12% | 1,80% | 2,90% | 2,51% | 2,54% | 2,60% | 2,75% |
EPS 2 | 0,52 | 0,51 | 0,62 | 0,54 | 0,60 | 0,59 | 0,82 | 0,57 | 0,48 | 0,41 | 0,70 | 0,58 | 0,61 | 0,63 | 0,71 |
Dividend per Share 2 | 0,43 | - | 0,52 | - | 0,46 | - | 0,59 | - | 0,49 | - | 0,64 | - | 0,55 | - | 0,72 |
Announcement Date | 11/08/21 | 10/11/21 | 16/02/22 | 11/05/22 | 10/08/22 | 09/11/22 | 15/02/23 | 10/05/23 | 09/08/23 | 08/11/23 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
Fiscal Period : Enero | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 3 105 | 11 581 | 11 434 | 13 946 | 14 416 | 14 785 | 14 532 | 14 827 |
Net Cash position 1 | - | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | 0,72x | 2,10x | 1,78x | 2,20x | 2,01x | 2,11x | 2,02x | 1,99x |
Free Cash Flow 1 | 2 342 | 1 843 | 2 199 | 1 618 | 2 188 | 2 438 | 2 019 | 2 051 |
ROE (net income / shareholders' equity) | 12,0% | 13,3% | 18,3% | 17,3% | 17,5% | 15,0% | 15,5% | 16,4% |
Shareholders' equity 1 | 14 935 | 13 230 | 7 631 | 12 984 | 14 563 | 14 275 | 15 783 | 15 942 |
ROA (Net income/ Total Assets) | 5,36% | 4,64% | 5,91% | 5,24% | 5,40% | 4,82% | 4,58% | 4,66% |
Assets 1 | 33 470 | 38 033 | 23 652 | 42 895 | 47 133 | 44 323 | 53 618 | 56 123 |
Book Value Per Share 2 | 13,1 | 12,9 | 11,7 | 13,3 | 15,5 | 16,0 | 16,7 | 16,9 |
Cash Flow per Share 2 | 3,59 | 4,90 | 5,92 | 5,29 | 6,10 | 5,56 | 5,37 | 5,65 |
Capex 1 | 1 780 | 2 218 | 2 659 | 2 371 | 2 490 | 2 452 | 2 586 | 2 673 |
Capex / Sales | 2,83% | 3,35% | 3,56% | 3,14% | 2,86% | 2,76% | 2,84% | 2,86% |
Announcement Date | 27/02/19 | 12/02/20 | 17/02/21 | 16/02/22 | 15/02/23 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating :
Investor Rating :
ESG Refinitiv :
A-
Sell
Buy

Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
26.49EUR
Average target price
31.59EUR
Spread / Average Target
+19.29%
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
-1.32% | 27 637 M $ | |
+8.85% | 416 B $ | |
-4.77% | 36 718 M $ | |
+0.04% | 32 081 M $ | |
+3.84% | 28 020 M $ | |
-1.28% | 27 477 M $ | |
+24.71% | 24 906 M $ | |
+9.20% | 17 849 M $ | |
-21.98% | 13 675 M $ | |
+5.98% | 12 658 M $ |
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