Financials Koninklijke Ahold Delhaize N.V. OTC Markets

Equities

ADRNY

US5004675014

Food Retail & Distribution

Delayed OTC Markets Other stock markets 20:50:38 24/05/2024 BST			5-day change	1st Jan Change
31.54 ^USD	+0.14%		-1.12%	+9.90%

05-24	Global markets live: Nvidia, Boeing, Micron Technology, Alibaba, Apple...
05-24	AHOLD DELHAIZE : Barclays neutral after 2025-28 targets	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,256	24,468	30,575	26,232	24,994	27,426	-	-
Enterprise Value (EV) ¹	35,837	35,902	44,521	40,648	24,994	42,517	42,379	42,157
P/E ratio	14 x	17.8 x	13.9 x	10.6 x	13.4 x	11.7 x	10.6 x	9.8 x
Yield	3.41%	3.89%	3.15%	3.91%	4.23%	3.86%	4.2%	4.48%
Capitalization / Revenue	0.37 x	0.33 x	0.4 x	0.3 x	0.28 x	0.3 x	0.3 x	0.29 x
EV / Revenue	0.54 x	0.48 x	0.59 x	0.47 x	0.28 x	0.47 x	0.46 x	0.45 x
EV / EBITDA	6.5 x	5.58 x	7.03 x	5.68 x	3.54 x	6.01 x	5.75 x	5.56 x
EV / FCF	19.4 x	16.3 x	27.5 x	18.6 x	10.3 x	18.3 x	18 x	17.4 x
FCF Yield	5.14%	6.13%	3.63%	5.38%	9.7%	5.47%	5.57%	5.76%
Price to Book	1.72 x	1.98 x	2.26 x	1.73 x	1.67 x	1.79 x	1.63 x	1.51 x
Nbr of stocks (in thousands)	1,087,956	1,058,752	1,014,615	977,353	960,753	944,103	-	-
Reference price ²	22.30	23.11	30.14	26.84	26.02	29.02	29.02	29.02
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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	89,998	91,990	94,178
EBITDA ¹	5,510	6,435	6,335	7,161	7,066	7,072	7,373	7,576
EBIT ¹	2,700	3,594	3,331	3,728	3,604	3,588	3,728	3,878
Operating Margin	4.07%	4.81%	4.41%	4.29%	4.07%	3.99%	4.05%	4.12%
Earnings before Tax (EBT) ¹	2,134	1,706	2,803	3,216	2,300	2,879	3,082	3,262
Net income ¹	1,766	1,397	2,246	2,546	1,874	2,334	2,483	2,608
Net margin	2.67%	1.87%	2.97%	2.93%	2.11%	2.59%	2.7%	2.77%
EPS ²	1.590	1.300	2.170	2.540	1.940	2.488	2.726	2.960
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,325	2,359	2,428
FCF margin	2.78%	2.94%	2.14%	2.52%	2.74%	2.58%	2.56%	2.58%
FCF Conversion (EBITDA)	33.45%	34.17%	25.54%	30.55%	34.32%	32.87%	32%	32.05%
FCF Conversion (Net income)	104.36%	157.41%	72.04%	85.94%	129.4%	99.64%	95%	93.1%
Dividend per Share ²	0.7600	0.9000	0.9500	1.050	1.100	1.119	1.218	1.300
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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	2025 Q1
Net sales ¹	-	18,545	20,148	19,774	21,445	22,407	23,359	21,624	22,068	21,934	23,023	21,728	22,271	22,163	23,144	-
EBITDA ¹	-	1,568	1,635	1,636	1,728	1,886	-	1,736	1,764	1,706	1,861	1,721	1,741	1,736	1,839	-
EBIT ¹	-	812	838	829	880	993	1,026	864	904	839	996	861	879.6	878.7	997.7	-
Operating Margin	-	4.38%	4.16%	4.19%	4.1%	4.43%	4.39%	4%	4.1%	3.83%	4.33%	3.96%	3.95%	3.96%	4.31%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	547	659	704	713	804	-
Net income ¹	-	522	634	546	603	589	809	561	468	394	451	513	584.2	579.2	659.3	-
Net margin	-	2.81%	3.15%	2.76%	2.81%	2.63%	3.46%	2.59%	2.12%	1.8%	1.96%	2.36%	2.62%	2.61%	2.85%	-
EPS ²	-	0.5100	0.6200	0.5400	0.6000	0.5900	0.8200	0.5700	0.4800	0.4100	0.4700	0.5400	0.6168	0.6273	0.7142	-
Dividend per Share ²	0.4600	-	0.5200	-	0.4600	-	0.5900	-	0.4900	-	0.6100	-	0.5083	-	0.6328	-
Announcement Date	12/02/20	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	14/02/24	08/05/24	-	-	-	-

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	-	15,090	14,953	14,731
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.102 x	1.777 x	2.201 x	2.013 x	-	2.134 x	2.028 x	1.945 x
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,325	2,359	2,428
ROE (net income / shareholders' equity)	13.3%	18.3%	17.3%	17.5%	-	15.4%	15.7%	15.8%
ROA (Net income/ Total Assets)	4.64%	5.91%	5.24%	5.4%	-	4.76%	4.61%	4.68%
Assets ¹	38,033	23,652	42,895	47,133	-	48,997	53,857	55,702
Book Value Per Share ²	12.90	11.70	13.30	15.50	15.60	16.30	17.80	19.30
Cash Flow per Share ²	4.900	5.920	5.290	6.100	6.690	4.780	5.970	6.330
Capex ¹	2,218	2,659	2,371	2,490	2,434	2,405	2,531	2,629
Capex / Sales	3.35%	3.56%	3.14%	2.86%	2.75%	2.67%	2.75%	2.79%
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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 Koninklijke Ahold Delhaize N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

29.02 EUR

Average target price

30.05 EUR

Spread / Average Target

+3.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WALMART INC.	+24.41%	527B
KROGER CO. (THE)	+15.93%	38.24B
SYSCO CORPORATION	-0.25%	36.33B
LOBLAW COMPANIES LIMITED	+21.98%	35.01B
TESCO PLC	+8.43%	27.84B
WOOLWORTHS GROUP LIMITED	-15.43%	25.17B
GEORGE WESTON LIMITED	+18.19%	19.03B
AEON CO., LTD.	+6.35%	18.12B
CP ALL	+4.46%	14.34B

Other Food Retail & Distribution