Financials Loblaw Companies Limited

Equities

L

CA5394811015

Food Retail & Distribution

Delayed Toronto Stock Exchange Other stock markets 02:44:05 2023-11-28 pm EST			5-day change	1st Jan Change
120.69 ^CAD	-0.85%		+1.49%	+0.95%

Nov. 21	George Weston Reports Q3 2023 Adjusted EPS of $3.36	MT
Nov. 21	George Weston Brief: Co's 2023 outlook remains unchanged and it continues to expect adjusted net earnings from continuing operations to increase due to the results from its operating segments, and to use excess cash to repurchase shares	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	22 911	24 352	21 911	34 558	38 792	38 208	-	-
Enterprise Value (EV) ¹	30 749	40 113	27 681	48 672	45 349	45 303	45 273	42 663
P/E ratio	32,7x	23,1x	20,5x	19,0x	20,8x	18,1x	16,5x	16,0x
Yield	1,89%	1,85%	2,04%	1,35%	1,32%	1,44%	1,59%	1,77%
Capitalization / Revenue	0,49x	0,51x	0,42x	0,65x	0,69x	0,64x	0,62x	0,60x
EV / Revenue	0,66x	0,84x	0,53x	0,92x	0,80x	0,76x	0,73x	0,67x
EV / EBITDA	8,72x	8,17x	5,49x	8,71x	7,34x	6,89x	6,62x	6,07x
EV / FCF	20,6x	33,2x	12,3x	24,8x	29,7x	22,0x	21,3x	18,2x
FCF Yield	4,85%	3,01%	8,12%	4,02%	3,37%	4,55%	4,69%	5,51%
Price to Book	1,87x	2,18x	-	-	-	-	-	-
Nbr of stocks (in thousands)	374 918	363 461	348 838	333 443	324 023	313 872	-	-
Reference price ²	61,1	67,0	62,8	104	120	122	122	122
Announcement Date	02/21/19	02/20/20	02/25/21	02/24/22	02/23/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	46 693	48 037	52 714	53 170	56 504	59 539	61 597	63 465
EBITDA ¹	3 528	4 912	5 041	5 587	6 181	6 572	6 840	7 024
EBIT ¹	2 552	2 896	2 954	3 429	3 883	4 032	4 299	4 487
Operating Margin	5,47%	6,03%	5,60%	6,45%	6,87%	6,77%	6,98%	7,07%
Earnings before Tax (EBT)	1 359	1 523	1 623	2 442	2 659	-	-	-
Net income ¹	707	1 081	1 096	1 863	1 909	2 191	2 288	2 244
Net margin	1,51%	2,25%	2,08%	3,50%	3,38%	3,68%	3,71%	3,54%
EPS ²	1,87	2,90	3,06	5,45	5,75	6,74	7,36	7,60
Free Cash Flow ¹	1 491	1 209	2 247	1 959	1 528	2 060	2 125	2 349
FCF margin	3,19%	2,52%	4,26%	3,68%	2,70%	3,46%	3,45%	3,70%
FCF Conversion (EBITDA)	42,3%	24,6%	44,6%	35,1%	24,7%	31,4%	31,1%	33,4%
FCF Conversion (Net income)	211%	112%	205%	105%	80,0%	94,0%	92,9%	105%
Dividend per Share ²	1,16	1,24	1,28	1,40	1,58	1,75	1,93	2,15
Announcement Date	02/21/19	02/20/20	02/25/21	02/24/22	02/23/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	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	12 491	16 050	12 757	12 262	12 847	17 388	14 007	12 995	13 738	18 265	14 557	13 482	14 261	18 895	14 790
EBITDA ¹	1 371	1 674	1 324	1 343	1 499	1 846	1 493	1 448	1 640	1 926	1 524	1 525	1 746	2 044	1 626
EBIT ¹	874	1 012	818	829	980	1 133	941	887	1 085	1 200	958	955	1 156	1 299	1 056
Operating Margin	7,00%	6,31%	6,41%	6,76%	7,63%	6,52%	6,72%	6,83%	7,90%	6,57%	6,58%	7,08%	8,11%	6,87%	7,14%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	1,27	2,20	1,30	-	1,69	1,62	1,29	1,58	1,95	-	-	-	-	-
Dividend per Share ²	0,34	0,37	0,37	0,37	-	0,41	0,41	0,45	0,45	-	0,45	0,45	0,49	0,49	-
Announcement Date	07/28/21	11/17/21	02/24/22	05/04/22	07/27/22	11/16/22	02/23/23	05/03/23	07/26/23	11/15/23	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	7 838	15 761	5 770	14 114	6 557	7 096	7 065	4 456
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2,22x	3,21x	1,14x	2,53x	1,06x	1,08x	1,03x	0,63x
Free Cash Flow ¹	1 491	1 209	2 247	1 959	1 528	2 060	2 125	2 349
ROE (net income / shareholders' equity)	28,0%	9,26%	9,86%	16,5%	16,7%	20,1%	21,4%	20,7%
Shareholders' equity ¹	2 526	11 677	11 111	11 281	11 436	10 928	10 692	10 841
ROA (Net income/ Total Assets)	10,8%	3,25%	3,04%	5,14%	5,11%	6,10%	6,30%	5,70%
Assets ¹	6 543	33 231	36 089	36 244	37 381	35 918	36 317	39 368
Book Value Per Share	32,7	30,8	-	-	-	-	-	-
Cash Flow per Share ²	6,59	10,7	14,5	14,1	14,3	15,4	16,5	17,3
Capex ¹	1 010	817	820	1 182	1 571	1 796	1 815	1 815
Capex / CA	2,16%	1,70%	1,56%	2,22%	2,78%	3,02%	2,95%	2,86%
Announcement Date	02/21/19	02/20/20	02/25/21	02/24/22	02/23/23	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Loblaw Companies Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

121.73CAD

Average target price

138.70CAD

Spread / Average Target

+13.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

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AHOLD DELHAIZE N.V.	-1.34%	28 043 M $
WOOLWORTHS GROUP LIMITED	+2.77%	27 462 M $
TESCO PLC	+26.58%	25 228 M $
AEON CO., LTD.	+11.00%	17 682 M $
GEORGE WESTON LIMITED	-2.37%	16 485 M $
CP ALL	-19.78%	14 017 M $

Other Food Retail & Distribution