Financials Ahold Delhaize LIQUIDNET SYSTEMS

Equities

AHO

NL0011794037

Food Retail & Distribution

Real-time Estimate Tradegate Other stock markets 12:28:23 2024-07-17 pm EDT			5-day change	1st Jan Change
29.08 ^EUR	0.00%		0.00%	0.00%

12:24pm	AHOLD DELHAIZE : Goldman Sachs reiterates its Neutral rating	ZD
Jul. 15	AHOLD DELHAIZE : UBS reiterates its Sell rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,256	24,468	30,575	26,232	24,994	26,869	-	-
Enterprise Value (EV) ¹	35,837	35,902	44,521	40,648	39,261	41,852	41,907	41,864
P/E ratio	14 x	17.8 x	13.9 x	10.6 x	13.4 x	11.7 x	10.6 x	9.84 x
Yield	3.41%	3.89%	3.15%	3.91%	4.23%	3.93%	4.22%	4.49%
Capitalization / Revenue	0.37 x	0.33 x	0.4 x	0.3 x	0.28 x	0.3 x	0.29 x	0.28 x
EV / Revenue	0.54 x	0.48 x	0.59 x	0.47 x	0.44 x	0.47 x	0.45 x	0.44 x
EV / EBITDA	6.5 x	5.58 x	7.03 x	5.68 x	5.56 x	5.91 x	5.71 x	5.54 x
EV / FCF	19.4 x	16.3 x	27.5 x	18.6 x	16.2 x	18.1 x	18.8 x	17.9 x
FCF Yield	5.14%	6.13%	3.63%	5.38%	6.18%	5.53%	5.32%	5.59%
Price to Book	1.72 x	1.98 x	2.26 x	1.73 x	1.67 x	1.75 x	1.62 x	1.51 x
Nbr of stocks (in thousands)	1,087,956	1,058,752	1,014,615	977,353	960,753	936,838	-	-
Reference price ²	22.30	23.11	30.14	26.84	26.02	28.68	28.68	28.68
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	66,260	74,736	75,601	86,984	88,649	89,620	92,175	94,668
EBITDA ¹	5,510	6,435	6,335	7,161	7,066	7,079	7,341	7,555
EBIT ¹	2,700	3,594	3,331	3,728	3,604	3,563	3,689	3,850
Operating Margin	4.07%	4.81%	4.41%	4.29%	4.07%	3.98%	4%	4.07%
Earnings before Tax (EBT) ¹	2,134	1,706	2,803	3,216	2,300	2,844	3,004	3,218
Net income ¹	1,766	1,397	2,246	2,546	1,874	2,314	2,436	2,571
Net margin	2.67%	1.87%	2.97%	2.93%	2.11%	2.58%	2.64%	2.72%
EPS ²	1.590	1.300	2.170	2.540	1.940	2.460	2.700	2.916
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,316	2,228	2,338
FCF margin	2.78%	2.94%	2.14%	2.52%	2.74%	2.58%	2.42%	2.47%
FCF Conversion (EBITDA)	33.45%	34.17%	25.54%	30.55%	34.32%	32.72%	30.35%	30.95%
FCF Conversion (Net income)	104.36%	157.41%	72.04%	85.94%	129.4%	100.08%	91.47%	90.94%
Dividend per Share ²	0.7600	0.9000	0.9500	1.050	1.100	1.127	1.210	1.288
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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	2025 Q1	2025 Q2
Net sales ¹	-	20,148	19,774	21,445	22,407	23,359	21,624	22,068	21,934	23,023	21,728	22,195	22,106	23,260	-	-
EBITDA ¹	-	1,635	1,636	1,728	1,886	-	1,736	1,764	1,706	1,861	1,721	1,739	1,723	1,831	-	-
EBIT ¹	-	838	829	880	993	1,026	864	904	839	996	861	870.7	867	940.8	-	-
Operating Margin	-	4.16%	4.19%	4.1%	4.43%	4.39%	4%	4.1%	3.83%	4.33%	3.96%	3.92%	3.92%	4.04%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	547	659	704	713	804	-	-
Net income ¹	-	634	546	603	589	809	561	468	394	451	513	580.7	569.2	652.7	-	-
Net margin	-	3.15%	2.76%	2.81%	2.63%	3.46%	2.59%	2.12%	1.8%	1.96%	2.36%	2.62%	2.57%	2.81%	-	-
EPS ²	-	0.6200	0.5400	0.6000	0.5900	0.8200	0.5700	0.4800	0.4100	0.4700	0.5400	0.6149	0.6219	0.7106	-	-
Dividend per Share ²	0.4600	0.5200	-	0.4600	-	0.5900	-	0.4900	-	0.6100	-	0.5040	-	0.6275	-	0.5225
Announcement Date	2/12/20	2/16/22	5/11/22	8/10/22	11/9/22	2/15/23	5/10/23	8/9/23	11/8/23	2/14/24	5/8/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,581	11,434	13,946	14,416	14,267	14,983	15,039	14,996
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.102 x	1.777 x	2.201 x	2.013 x	2.019 x	2.117 x	2.049 x	1.985 x
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,316	2,228	2,338
ROE (net income / shareholders' equity)	13.3%	18.3%	17.3%	17.5%	16.3%	15.4%	15.5%	15.6%
ROA (Net income/ Total Assets)	4.64%	5.91%	5.24%	5.4%	3.89%	4.77%	4.61%	4.68%
Assets ¹	38,033	23,652	42,895	47,133	48,188	48,537	52,873	54,962
Book Value Per Share ²	12.90	11.70	13.30	15.50	15.60	16.40	17.70	19.00
Cash Flow per Share ²	4.900	5.920	5.290	6.100	6.690	5.590	5.980	6.280
Capex ¹	2,218	2,659	2,371	2,490	2,434	2,419	2,596	2,736
Capex / Sales	3.35%	3.56%	3.14%	2.86%	2.75%	2.7%	2.82%	2.89%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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

Ratings for Ahold Delhaize

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

28.68 EUR

Average target price

30.16 EUR

Spread / Average Target

+5.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WALMART INC.	+34.59%	563B
KROGER CO. (THE)	+18.97%	38.69B
LOBLAW COMPANIES LIMITED	+29.13%	37.05B
SYSCO CORPORATION	+2.50%	36.37B
WOOLWORTHS GROUP LIMITED	-5.91%	28.35B
TESCO PLC	+10.71%	28.33B
GEORGE WESTON LIMITED	+25.89%	20.03B
AEON CO., LTD.	+3.46%	17.8B
CP ALL	+1.79%	14.14B

Other Food Retail & Distribution