Koninklijke Ahold Delhaize N.V. (AD.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+271.9%

€120.16

vs €32.31 price

Levered DCF

€145.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.69

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.89×	16.57×	13.34×	10.48×	13.83×	17.64×	13.94×	14.43×
P/B	2.21×	1.9×	1.7×	1.73×	2.26×	1.98×	1.75×	1.83×
P/S	0.34×	0.33×	0.28×	0.31×	0.41×	0.33×	0.37×	0.41×
EV / EBITDA	6.34×	6.7×	6.05×	5.68×	7.1×	7.17×	6.68×	7.01×
Gross margin	26.5%	26.6%	26.9%	26.8%	27.4%	27.5%	27.3%	27.0%
Operating margin	3.8%	3.1%	3.2%	4.3%	4.4%	2.9%	4.0%	4.2%
Net margin	2.5%	2.0%	2.1%	2.9%	3.0%	1.9%	2.7%	2.8%
Current ratio	0.71×	0.84×	0.73×	0.72×	0.68×	0.7×	0.76×	0.81×
Debt / equity	1.3×	1.31×	1.21×	1.15×	1.25×	1.17×	1.1×	1.02×
Interest coverage	4.35×	3.65×	3.97×	6.24×	6.41×	4.43×	4.92×	4.63×
Dividend yield	3.4%	3.5%	4.2%	3.7%	2.8%	4.2%	4.5%	2.9%
Payout ratio	47.3%	58.8%	55.7%	38.5%	38.1%	73.4%	63.1%	42.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	11.4%	12.7%	16.5%	16.4%	11.2%	12.5%	12.5%
Return on invested capital	7.7%	5.6%	6.5%	8.2%	7.8%	5.9%	6.7%	7.0%
Return on assets	4.6%	3.4%	3.9%	5.2%	4.9%	3.4%	4.3%	4.5%
Free cash flow yield	22.2%	13.4%	15.9%	13.6%	10.0%	14.9%	13.1%	13.8%
Earnings yield	7.2%	6.0%	7.5%	9.5%	7.2%	5.7%	7.2%	6.9%
Enterprise value	€46.3B	€43.4B	€39.3B	€41.3B	€45.1B	€36.3B	€36.4B	€37.3B
Net debt / EBITDA	2.03×	2.18×	2.2×	2.01×	2.22×	2.3×	2.15×	2.13×
Cash conversion cycle (days)	-12	-9	-10	-10	-15	-14	-12	-10