European Food Retail Valuation Sheet

Research evidence excerpt

J P M O R G A N

Europe Equity Research

16 September 2026

European Food Retail Valuation

Sheet

In this weekly summary, we recap the main valuation metrics and relative

performance of the European Grocers under our coverage. The detailed workbook

is available here.

Figure 1: Valuation Multiples and Yields

EV/Sales (x) JPM

3M ADV

P/E (x) JPM

Divi Yield JPM

CY26E

CY27E

CY28E

CY26E

CY27E

CY28E

CY26E

CY27E

CY28E

CY26E

CY27E

CY28E

28.6

0.5x

14.3x

12.4x

11.6x

4.5%

3.9%

4.3%

5.8%

6.6%

6.5%

B&M

10.1

0.7x

11.5x

10.4x

9.0x

5.8%

3.9%

3.8%

5.8%

4.2%

4.8%

Carrefour

38.7

0.2x

14.8x

10.3x

9.8x

5.6%

6.1%

6.3%

13.6%

7.6%

Colruyt

1.8

0.4x

11.9x

12.4x

13.1x

4.5%

2.9%

3.4%

4.6%

5.7%

5.6%

Domino's

2.6

1.8x

1.7x

12.8x

12.3x

11.8x

6.4%

6.5%

6.6%

11.2%

9.5%

10.2%

Greggs

8.3

1.1x

1.0x

0.9x

15.6x

14.1x

12.7x

3.9%

4.8%

6.6%

7.2%

Jeronimo Martins

28.6

0.4x

0.3x

16.4x

13.1x

11.5x

3.7%

4.2%

4.7%

3.5%

4.7%

6.0%

Ahold Delhaize NV

101.0

0.5x

13.4x

13.1x

12.8x

3.6%

4.4%

4.6%

4.0%

5.1%

5.5%

Sainsbury

32.0

0.3x

14.3x

12.3x

11.6x

7.6%

3.8%

4.2%

7.0%

8.2%

6.8%

Tesco

67.6

0.5x

14.4x

12.7x

11.1x

3.2%

3.8%

4.3%

6.4%

8.3%

8.5%

6.5%

Source: J.P. Morgan estimates, Bloomberg Finance L.P.

(34-91) 516-1511

J.P. Morgan Securities plc

(91-22) 6157-5102

J.P. Morgan India Private Limited

Specialist Sales contact details:

Olivia Petronilho - Specialist Sales European Consumer

(44-20) 3493-3709

Figure 2: Growth estimates

Sales growth (LC)

EBITDA growth (LC)

EPS growth (LC)

FY26E

FY27E

FY28E

FY26E

FY27E

FY28E

FY26E

3.2%

3.8%

3.6%

2.2%

2.9%

3.9%

4.0%

9.6%

5.9%

B&M

4.7%

5.5%

5.2%

-7.0%

2.1%

9.1%

4.0%

10.3%

15.4%

Carrefour

-0.5%

2.1%

1.8%

3.4%

3.2%

2.9%

-2.4%

9.0%

4.5%

Colruyt

3.2%

2.7%

3.6%

2.2%

2.9%

-1.2%

5.8%

-2.0%

-3.2%

Domino's

5.3%

3.6%

3.7%

-3.0%

0.4%

3.9%

-5.7%

-0.4%

3.8%

Greggs

6.7%

6.8%

7.1%

6.4%

9.8%

6.4%

5.3%

10.9%

10.7%

Jeronimo Martins

5.3%

6.1%

5.7%

6.9%

9.8%

9.5%

3.9%

25.3%

13.7%

Ahold Delhaize NV

0.8%

3.8%

3.1%

2.1%

-3.0%

3.0%

-2.5%

4.0%

3.3%

Sainsbury

2.6%

4.6%

2.8%

-6.4%

-1.0%

1.7%

17.1%

16.8%

5.9%

Tesco

2.2%

3.3%

2.8%

3.2%

4.7%

5.8%

6.4%

9.6%

10.1%

European consumer

Borja Olcese AC

Palak Garg

FCF yield JPM

($'mn)

European consumer

European Food Retail

FY27E

FY28E

Source: J.P. Morgan estimates.

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