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1. Company Snapshot

1.a. Company Description

Etn.Fr. Colruyt NV, together with its subsidiaries, engages in the retail, wholesale, food service, and other activities in Belgium, France, and internationally.It operates through three segments: Retail, Wholesale and Foodservice, and Other Activities.


The company operates CNG and hydrogen filling stations; provides printing and document management solutions; and develops, constructs, operates, and finances wind energy projects.In addition, the company provides fresh products, dry food, and frozen and non-food products.It provides its products and services to wholesalers, commercial customers, and affiliated independent merchants, as well as, schools, care homes, the hospitality sector, etc.


The company was founded in 1928 and is headquartered in Halle, Belgium.

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1.b. Last Insights on COLR

Colruyt NV's recent stock performance was negatively driven by the company's exposure to the uncertain global market, particularly due to tariff uncertainties and shifting economic indicators. As investors seek stable income streams, Colruyt's dividend yield of 3.17% (as of January 2025) may not be enough to offset concerns about the company's reliance on traditional brick-and-mortar operations, which may be disrupted by e-commerce growth. The company's focus on expanding its online presence and improving operational efficiency may help mitigate these risks, but the near-term impact of these efforts is uncertain.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.10%)

6. Segments

Retail

Expected Growth: 3.5%

Colruyt NV's 3.5% retail growth is driven by its strong private label offerings, efficient supply chain management, and strategic store renovations. Additionally, the company's focus on omnichannel retailing, investments in digital transformation, and expansion into new markets have contributed to its growth.

Wholesale and Food Service

Expected Growth: 2.8%

The 2.8% growth in Wholesale and Food Service segment of Etn. Fr. Colruyt NV is driven by increasing demand for private label products, expansion of retail stores, and strategic partnerships with food service providers. Additionally, the company's focus on sustainability and digitalization of its wholesale operations has contributed to the growth.

Other Activities

Expected Growth: 2.2%

Colruyt's 2.2% growth in Other Activities is driven by increased demand for its retail services, expansion of its fuel station network, and growth in its food service business. Additionally, the company's focus on sustainability and digitalization initiatives has contributed to the segment's growth.

Eliminations Between Operating Segments

Expected Growth: 0.5%

Etn. Fr. Colruyt NV's 0.5% growth in Eliminations Between Operating Segments is driven by moderate inter-segment sales, efficient supply chain management, and effective cost allocation. Additionally, the company's diversified business model and strategic investments in digitalization contribute to this growth.

7. Detailed Products

Fresh Produce

Etn. Fr. Colruyt NV offers a wide range of fresh fruits and vegetables, sourced from local farmers and international suppliers.

Meat and Poultry

The company provides a variety of meat and poultry products, including beef, pork, chicken, and turkey, sourced from local farms and international suppliers.

Dairy and Eggs

Etn. Fr. Colruyt NV offers a range of dairy products, including milk, cheese, yogurt, and eggs, sourced from local dairy farms and international suppliers.

Bakery and Pastry

The company provides a variety of baked goods, including bread, pastries, cakes, and cookies, baked fresh in-store or sourced from local bakeries.

Pantry and Dry Goods

Etn. Fr. Colruyt NV offers a range of pantry staples, including rice, pasta, canned goods, and snacks, sourced from local and international suppliers.

Beverages

The company provides a variety of beverages, including soft drinks, juices, coffee, and tea, sourced from local and international suppliers.

Health and Beauty

Etn. Fr. Colruyt NV offers a range of health and beauty products, including skincare, haircare, and personal care items, sourced from local and international suppliers.

Household Essentials

The company provides a variety of household essentials, including cleaning supplies, paper products, and trash bags, sourced from local and international suppliers.

8. Etn. Fr. Colruyt NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Etn. Fr. Colruyt NV is moderate due to the presence of alternative retailers and online shopping platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of substitutes and the ease of switching to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate better prices.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the retail industry, including the need for significant capital investment and established supply chains.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.22%
Debt Cost 3.95%
Equity Weight 69.78%
Equity Cost 4.58%
WACC 4.39%
Leverage 43.31%

11. Quality Control: Etn. Fr. Colruyt NV passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Sainsbury

A-Score: 6.8/10

Value: 7.4

Growth: 7.6

Quality: 2.5

Yield: 7.5

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

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Kesko

A-Score: 5.7/10

Value: 5.6

Growth: 4.2

Quality: 3.6

Yield: 7.5

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Axfood

A-Score: 5.6/10

Value: 4.2

Growth: 5.8

Quality: 4.1

Yield: 5.6

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Colruyt

A-Score: 5.2/10

Value: 7.7

Growth: 4.6

Quality: 4.3

Yield: 6.9

Momentum: 1.0

Volatility: 7.0

1-Year Total Return ->

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Carrefour

A-Score: 5.2/10

Value: 7.4

Growth: 4.6

Quality: 1.6

Yield: 7.5

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Greggs

A-Score: 5.0/10

Value: 7.1

Growth: 6.6

Quality: 5.7

Yield: 6.2

Momentum: 0.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

33.4$

Current Price

33.4$

Potential

-0.00%

Expected Cash-Flows