Koninklijke Ahold Delhaize N.V.
Koninklijke Ahold Delhaize N.V. operates retail food stores and e-commerce in the Netherlands, the United States, and internationally. The company's stores offer produce, dairy, meat, deli, bakery, seafood, and frozen products; grocery, beer, and wine; floral, pet food, health and beauty care, kitc…
Koninklijke Ahold Delhaize N.V. operates retail food stores and e-commerce in the Netherlands, the United States, and internationally. The company's stores offer produce, dairy, meat, deli, bakery, seafood, and frozen products; grocery, beer, and wine; floral, pet food, health and beauty care, kitchen and cookware, gardening tools, general merchandise articles, electronics, newspapers and magazines, and tobacco; gasoline; and pharmacy products. It operates its supermarkets, convenience stores, and online stores under the Albert, Albert Heijin, Alfa Beta Vassilopoulos, bol, Delhaize, ENA, Food Lion, Gall & Gall, Giant Food, The GIANT Company, Hannaford, Maxi, Mega Image, Stop & Shop, Profi, and Super Indo brands. The company was formerly known as Koninklijke Ahold N.V. and changed its name to Koninklijke Ahold Delhaize N.V. in July 2016. The company was founded in 1867 and is headquartered in Zaandam, the Netherlands.Priced within the modelled range
Other models: EUR 38.29–83.58 (median 67.47). The recommended value is in line with them.
Why: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Details and the full model are below.
Market price within modeled range
Earnings-based DCF using TTM through 30 Jun 2026 net income, of which 70% is treated as distributable after reinvestment, with no extra debt or cash adjustment because net income is already after interest. Used because free cash flow or dividends do not give a usable base. Base assumptions are 3.03% growth, 2.4% terminal growth, and 9.2% discount; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3.03%, discount rate 9.20%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 3.0% (sector default 5.3%, own revenue history 2.0%, analyst revenue consensus 2.4%).
5-year outlook: relative outlook of about 8.6% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 2.4% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Compare models- Recommended: Earnings-based DCF — EUR 27.54 (-18.1%)
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EPS-based Gordon proxy
— EUR 38.29 (+13.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 69.70 (+107.4%)
Not used: Free cash flow is 2.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— EUR 67.47 (+100.7%)
Not used: Free cash flow is 2.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— EUR 83.58 (+148.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 69.62 (+107.1%)
Not used: Free cash flow is 2.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— EUR 211.31 (+528.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 20.19 | -66.5% |
| Base EUR 27.54 | -22.0% |
| Bull EUR 41.19 | 18.4% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 33.61 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.4%, discount 9.2%).
Compare: the market implies 7.7% a year, this model assumes 3.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Earnings-based DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -1.0% | 32.60 | 27.06 | 23.14 | 20.23 | 17.97 |
| 1.0% | 35.71 | 29.58 | 25.26 | 22.04 | 19.56 |
| 3.0% | 39.05 | 32.30 | 27.54 | 24.00 | 21.26 |
| 5.0% | 42.65 | 35.23 | 29.99 | 26.10 | 23.09 |
| 7.0% | 46.53 | 38.37 | 32.62 | 28.35 | 25.05 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +1.3% a year | 12 / 20 |
| Balance sheet | net debt 1.7x EBITDA | 20 / 20 |
| Margins | EBITDA margin 8% | 0 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| AD.AS (this company) | EUR 33.61 | -22.0% | 13.2 | 2.0 | 3.5% | 72 |
| ORK.OL Orkla ASA | NOK 102.30 | 32.1% | 14.5 | 2.3 | 9.8% | 82 |
| KHC Kraft Heinz | USD 24.46 | 27.8% | – | 0.8 | 6.5% | 36 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| CA.PA Carrefour SA | EUR 13.49 | 24.7% | 28.9 | 0.8 | 8.8% | 72 |
| ABF.L Associated British Foods plc | GBP 19.60 | 20.0% | 14.9 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.55 | 16.7% | 13.8 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 283.20 | 8.1% | 24.9 | 8.2 | 3.1% | 70 |
| DLTR Dollar Tree | USD 135.65 | 1.9% | 16.1 | 7.6 | – | 72 |
| Peer median | 16.1 | 1.9 | ||||
Dividends
Paid in the last 12 months: EUR 1.24 per share · yield 3.69% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.240 |
| 2025 | 1.180 |
| 2024 | 1.110 |
| 2023 | 1.080 |
| 2022 | 0.980 |
| 2021 | 0.830 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:29
| Revenue | EUR 91,424,000,000 |
|---|---|
| EBITDA | EUR 7,140,000,000 |
| EBIT | EUR 3,605,000,000 |
| Net income | EUR 2,240,000,000 |
| Free cash flow | EUR 4,747,000,000 |
| Capital expenditures | EUR 1,807,000,000 |
| Debt | EUR 15,636,000,000 |
| Cash | EUR 3,593,000,000 |
| Working capital | EUR -4,742,000,000 |
| Shares outstanding | 881,000,000 |