Financials Metro AG Wiener Boerse

Equities

MEO

DE000BFB0019

Food Retail & Distribution

End-of-day quote Wiener Boerse Other stock markets 23:00:00 07/05/2024 BST			5-day change	1st Jan Change
4.885 ^EUR	-5.51%		-3.46%	-22.58%

05-09	METRO AG : Barclays sticks Neutral	ZD
05-08	METRO AG : Baader Bank reiterates its Sell rating	ZD

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,253	3,095	4,082	2,600	2,372	1,786	-	-
Enterprise Value (EV) ¹	8,729	7,500	7,548	5,881	5,423	4,552	4,674	4,615
P/E ratio	10.1 x	-21.3 x	-74.9 x	-7.78 x	5.4 x	22.3 x	16.1 x	10.7 x
Yield	4.83%	8.22%	-	-	8.42%	2.29%	2.74%	4.34%
Capitalization / Revenue	0.18 x	0.12 x	0.16 x	0.09 x	0.08 x	0.06 x	0.06 x	0.05 x
EV / Revenue	0.29 x	0.29 x	0.3 x	0.2 x	0.18 x	0.15 x	0.15 x	0.14 x
EV / EBITDA	5.59 x	6.48 x	6.45 x	4.23 x	4.62 x	3.94 x	3.75 x	3.46 x
EV / FCF	12.6 x	8.81 x	7.17 x	8.8 x	31.5 x	21.5 x	41.6 x	13 x
FCF Yield	7.96%	11.3%	14%	11.4%	3.17%	4.65%	2.4%	7.68%
Price to Book	1.92 x	1.51 x	2.19 x	1.09 x	1.18 x	0.93 x	0.9 x	0.94 x
Nbr of stocks (in thousands)	363,097	363,097	363,097	363,097	363,097	363,097	-	-
Reference price ²	14.48	8.520	11.24	7.160	6.530	4.915	4.915	4.915
Announcement Date	12/12/19	15/12/20	16/12/21	15/12/22	13/12/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,928	25,632	24,765	29,754	30,551	31,079	32,201	33,051
EBITDA ¹	1,561	1,158	1,171	1,389	1,174	1,156	1,245	1,332
EBIT ¹	985	302	197	429	598	247.7	338.9	417.9
Operating Margin	3.29%	1.18%	0.8%	1.44%	1.96%	0.8%	1.05%	1.26%
Earnings before Tax (EBT) ¹	874	-32	40	-134	609	133.3	180.7	271.4
Net income ¹	523	-146	-56	-334	439	68.32	110	170.5
Net margin	1.75%	-0.57%	-0.23%	-1.12%	1.44%	0.22%	0.34%	0.52%
EPS ²	1.440	-0.4000	-0.1500	-0.9200	1.210	0.2200	0.3053	0.4612
Free Cash Flow ¹	695	851	1,053	668	172	211.6	112.4	354.3
FCF margin	2.32%	3.32%	4.25%	2.25%	0.56%	0.68%	0.35%	1.07%
FCF Conversion (EBITDA)	44.52%	73.49%	89.92%	48.09%	14.65%	18.3%	9.02%	26.59%
FCF Conversion (Net income)	132.89%	-	-	-	39.18%	309.63%	102.11%	207.83%
Dividend per Share ²	0.7000	0.7000	-	-	0.5500	0.1125	0.1345	0.2133
Announcement Date	12/12/19	15/12/20	16/12/21	15/12/22	13/12/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2021 S1	2022 Q1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1
Net sales ¹	13,555	11,388	7,604	7,911	7,993	8,107	6,897	15,004	7,642	7,904	8,115	6,898	15,013
EBITDA ¹	659	490	521	441	270	465	111	577	332	266	404	73	478
EBIT	184	-	-	-	-	256	-	-	126	-	-	-	-
Operating Margin	1.36%	-	-	-	-	3.16%	-	-	1.65%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	201	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/05/20	05/05/21	10/02/22	10/08/22	15/12/22	08/02/23	11/05/23	11/05/23	11/08/23	13/12/23	06/02/24	07/05/24	07/05/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,476	4,405	3,466	3,281	3,051	2,766	2,889	2,829
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.227 x	3.804 x	2.96 x	2.362 x	2.599 x	2.392 x	2.32 x	2.123 x
Free Cash Flow ¹	695	851	1,053	668	172	212	112	354
ROE (net income / shareholders' equity)	17.8%	-6.69%	-2.88%	-15.9%	20.2%	1.5%	5.27%	8.73%
ROA (Net income/ Total Assets)	3.52%	-	-0.43%	-2.6%	3.53%	0.2%	1.03%	1.9%
Assets ¹	14,851	-	12,996	12,836	12,425	34,859	10,636	8,973
Book Value Per Share ²	7.530	5.620	5.130	6.570	5.540	5.290	5.460	5.240
Cash Flow per Share ²	2.620	2.910	3.310	2.560	1.990	2.640	3.070	1.960
Capex ¹	258	211	330	414	549	634	541	536
Capex / Sales	0.86%	0.82%	1.33%	1.39%	1.8%	2.04%	1.68%	1.62%
Announcement Date	12/12/19	15/12/20	16/12/21	15/12/22	13/12/23	-	-	-

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

Ratings for Metro AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4.915 EUR

Average target price

5.932 EUR

Spread / Average Target

+20.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WALMART INC.	+15.01%	486B
SYSCO CORPORATION	+2.76%	37.16B
LOBLAW COMPANIES LIMITED	+21.31%	34.87B
AHOLD DELHAIZE N.V.	+13.24%	29.57B
TESCO PLC	+6.78%	26.8B
WOOLWORTHS GROUP LIMITED	-16.72%	24.81B
GEORGE WESTON LIMITED	+14.88%	18.57B
AEON CO., LTD.	+5.17%	17.89B
CP ALL	+4.02%	13.98B

Other Food Retail & Distribution