Financials Koninklijke Ahold Delhaize N.V. OTC Markets

Equities

ADRNY

US5004675014

Food Retail & Distribution

Delayed OTC Markets Other stock markets 11:10:33 04/06/2024 pm IST			5-day change	1st Jan Change
31.14 ^USD	-0.13%		-0.99%	+8.50%

03/06	Ahold Delhaize Announces Appointment of Gorica Jovovic as Brand President of Delhaize Serbia	CI
24/05	Global markets live: Nvidia, Boeing, Micron Technology, Alibaba, Apple...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,256	24,468	30,575	26,232	24,994	27,115	-	-
Enterprise Value (EV) ¹	35,837	35,902	44,521	40,648	24,994	42,086	42,085	41,999
P/E ratio	14 x	17.8 x	13.9 x	10.6 x	13.4 x	11.5 x	10.5 x	9.72 x
Yield	3.41%	3.89%	3.15%	3.91%	4.23%	3.92%	4.22%	4.51%
Capitalization / Revenue	0.37 x	0.33 x	0.4 x	0.3 x	0.28 x	0.3 x	0.29 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	0.44 x
EV / EBITDA	6.5 x	5.58 x	7.03 x	5.68 x	3.54 x	5.94 x	5.71 x	5.55 x
EV / FCF	19.4 x	16.3 x	27.5 x	18.6 x	10.3 x	18.3 x	18.3 x	17.7 x
FCF Yield	5.14%	6.13%	3.63%	5.38%	9.7%	5.46%	5.47%	5.65%
Price to Book	1.72 x	1.98 x	2.26 x	1.73 x	1.67 x	1.75 x	1.62 x	1.49 x
Nbr of stocks (in thousands)	10,87,956	10,58,752	10,14,615	9,77,353	9,60,753	9,44,103	-	-
Reference price ²	22.30	23.11	30.14	26.84	26.02	28.72	28.72	28.72
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	89,812	92,348	94,768
EBITDA ¹	5,510	6,435	6,335	7,161	7,066	7,082	7,367	7,574
EBIT ¹	2,700	3,594	3,331	3,728	3,604	3,571	3,713	3,868
Operating Margin	4.07%	4.81%	4.41%	4.29%	4.07%	3.98%	4.02%	4.08%
Earnings before Tax (EBT) ¹	2,134	1,706	2,803	3,216	2,300	2,880	3,082	3,274
Net income ¹	1,766	1,397	2,246	2,546	1,874	2,328	2,480	2,613
Net margin	2.67%	1.87%	2.97%	2.93%	2.11%	2.59%	2.69%	2.76%
EPS ²	1.590	1.300	2.170	2.540	1.940	2.494	2.727	2.955
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,299	2,301	2,373
FCF margin	2.78%	2.94%	2.14%	2.52%	2.74%	2.56%	2.49%	2.5%
FCF Conversion (EBITDA)	33.45%	34.17%	25.54%	30.55%	34.32%	32.47%	31.24%	31.33%
FCF Conversion (Net income)	104.36%	157.41%	72.04%	85.94%	129.4%	98.75%	92.77%	90.82%
Dividend per Share ²	0.7600	0.9000	0.9500	1.050	1.100	1.127	1.211	1.294
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 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	22,322	22,225	23,165	-	-
EBITDA ¹	-	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	-	838	829	880	993	1,026	864	904	839	996	861	890.2	881.5	948.5	-	-
Operating Margin	-	4.16%	4.19%	4.1%	4.43%	4.39%	4%	4.1%	3.83%	4.33%	3.96%	3.99%	3.97%	4.09%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	547	659	704	713	804	-	-
Net income ¹	-	634	546	603	589	809	561	468	394	451	513	584.2	579.2	659.3	-	-
Net margin	-	3.15%	2.76%	2.81%	2.63%	3.46%	2.59%	2.12%	1.8%	1.96%	2.36%	2.62%	2.61%	2.85%	-	-
EPS ²	-	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	-	0.5473
Announcement Date	12/02/20	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	-	14,972	14,970	14,885
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.102 x	1.777 x	2.201 x	2.013 x	-	2.114 x	2.032 x	1.965 x
Free Cash Flow ¹	1,843	2,199	1,618	2,188	2,425	2,299	2,301	2,373
ROE (net income / shareholders' equity)	13.3%	18.3%	17.3%	17.5%	-	15.5%	15.7%	15.7%
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	-	48,885	53,793	55,803
Book Value Per Share ²	12.90	11.70	13.30	15.50	15.60	16.50	17.80	19.20
Cash Flow per Share ²	4.900	5.920	5.290	6.100	6.690	4.780	5.980	6.280
Capex ¹	2,218	2,659	2,371	2,490	2,434	2,423	2,601	2,741
Capex / Sales	3.35%	3.56%	3.14%	2.86%	2.75%	2.7%	2.82%	2.89%
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

28.72 EUR

Average target price

30.18 EUR

Spread / Average Target

+5.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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