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Etablissementen Franz Colruyt NV (COLR) Fair Value & Analysis

Consumer Defensive · BE · Market cap €4.6B · ISIN BE0974256852

What is Etablissementen Franz Colruyt NV really worth?

EF Etablissementen Franz Colruyt NV COLR · BR
Price€39.52
Fair Value€43.07
Upside+9.0%
Quality58/100

A solid business, currently priced close to our fair value of €43.07.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +1.3 %/yr)
!Thin margins · 2.9% net margin
!Mixed vs. peers (8/15)
!Narrow moat 39/100
!Weak on future: 9 out of 100

For context

·3.49% dividend yield
Evidence: High Range €29.66 – €54.24

Fair value as of: Aug 23, 2026

From 22 valuation models · updated 13 days ago

Share price +1.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€29.66 to €54.24) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€45.06 €18.54 Fair Value €43.07 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range €18.54 – €45.06 · fair‑value band €29.66 – €54.24 · the €39.52 price screens below the €43.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Etablissementen Franz Colruyt NV (COLR) currently trades at €39.52, while our model-based Fair Value estimate is €43.07, implying the stock looks roughly 8.2% fairly valued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Defensive sector. Bull case: the Multiples group reads highest at a median of €43.39 per share, and 10 of the 22 models we run sit above the €39.52 price. Bear case: the Asset-Based group reads lowest at €18.37, and 12 of the 22 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Etablissementen Franz Colruyt NV generated revenue of €11.2B at a net margin of 2.6%. Revenue grew 4.5% year over year. It earns a return on equity of 9.5%. Net debt stands at €274M. Fundamentals as of Aug 23, 2026

Our scenario range runs from €29.66 (bear case) to €54.24 (bull case); at €39.52, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 9%, COLR screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly €0.6147 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €24.07 €32.18 €43.70 81
Growth DCF €24.74 €32.40 €42.81 80
Owner Earnings €22.60 €30.15 €40.90 77
All 22 models by family
DCF Models
FCF DCF €24.07 €32.18 €43.70 81
Owner Earnings €22.60 €30.15 €40.90 77
5Y Revenue Exit €23.91 €34.36 €47.50 73
5Y EBITDA Exit €42.11 €66.00 €93.36 75
5Y P/E Exit €32.13 €48.64 €65.43 71
10Y Revenue Exit €23.16 €32.25 €43.04 67
10Y EBITDA Exit €34.81 €52.91 €74.65 68
10Y P/E Exit €28.76 €41.58 €55.40 64
Earnings-Based
Graham-Dodd €17.36 €34.94 €43.94 66
EPV €17.43 €19.84 €21.91 74
Multiples
P/E Multiple €40.20 €53.60 €67.00 63
P/S Multiple €32.55 €43.39 €54.24 58
P/B Multiple €32.55 €43.39 €54.24 55
EV/EBIT €34.72 €45.57 €56.41 66
EV/EBITDA €61.04 €80.65 €100.26 67
EV/Revenue €25.41 €35.36 €45.31 54
Asset-Based
NCAV (Graham) €13.71 €18.37 €27.42 54
Growth DCF
Growth DCF €24.74 €32.40 €42.81 80
Rev-Margin DCF €23.91 €34.68 €46.32 73
Economic Profit
Residual Income €23.30 €25.43 €33.59 76
ROIC Compounder €17.43 €19.84 €21.91 72
Growth Earnings
Growth-Adj P/E €29.18 €41.69 €54.20 67

Widest divergence: Multiples (€43.39) versus Asset-Based (€18.37). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 16.1
P/S ratio 0.46 P/E × margin
EPS (TTM) €2.46 price ÷ EPS = P/E 16.1
Dividend yield 3.5% payout 56.1%
Net margin 2.9% FY2026
Return on equity 9.5% TTM
More key figures
Profitability
Return on assets (EBIT) 4.9% avg 5y
Operating margin 4.0% TTM
Growth
Revenue (TTM) €11.2B TTM
Revenue growth (YoY) +4.5% 3y avg +2.1%
EPS growth (YoY) −20.1%
Balance sheet & cash flow
Free cash flow €264M FY2026
Net debt €274M FY2026 · ≈ 1.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 58 · Market factors (momentum, volatility) 71

Profitability 47
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Colruyt Group N.V., together with its subsidiaries, engages in the retail, wholesale, food service, and other activities in Belgium, France, and internationally. The company operates through the Food; Health & Well-Being and Non-Food; and Group Activities, Real Estate and Energy segments. It operates supermarkets under the Colruyt Lowest Prices brand name.

Full company description

Colruyt Group N.V., together with its subsidiaries, engages in the retail, wholesale, food service, and other activities in Belgium, France, and internationally. The company operates through the Food; Health & Well-Being and Non-Food; and Group Activities, Real Estate and Energy segments. It operates supermarkets under the Colruyt Lowest Prices brand name. The company also offers a range of food brands to bulk and other consumers through its own stores and online retail channels, as well independent entrepreneurs, customers, wholesalers, and other businesses. In addition, it operates Jims, a chain of physical fitness clubs; Yoboo, an online health platform; Newpharma, an online pharmacy; The Fashion Society, a multi-brand fashion chain; and Bike Republic, which provides bicycles, e-bikes, cycling clothing, and accessories. Further, the company engages in the development, financing, building, operation, and maintenance of renewable energy resources covering, wind, solar, and hydrogen energy. Additionally, it provides support services, such as IT, technical, and digital services; corporate and real estate services; and printing and document management solutions. The company was formerly known as Etn. Fr. Colruyt NV and changed its name to Colruyt Group N.V. in October 2023. The company was founded in 1928 and is headquartered in Halle, Belgium.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Etablissementen Franz Colruyt NV reported revenue of €10.6B in FY2026 versus €9.3B in FY2022, a compound +3.4%/yr. Reported net income was €304M in FY2026, compounding +1.4%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
€10.6B
Latest YoY
−3.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.3%
Avg. revenue growth/yr (26Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−7.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−0.3% (−3.8 + 3.5)
Revenue +3.4%/yr
FY22 €9.3B
FY23 €9.9B
FY24 €10.8B
FY25 €11.0B
FY26 €10.6B
Net income +1.4%/yr
FY22 €287M
FY23 €201M
FY24 €1.1B
FY25 €337M
FY26 €304M
Character of growth · EPS growth decomposed (2015-2026) +7.3 % p.a.
Revenue per share +3.9 %

of which total revenue +1.8 % · buybacks/dilution +2.0 %

EBIT margin −3.9 %
Tax rate +1.8 %
Residual (interest, one-offs) +5.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Etablissementen Franz Colruyt NV Fair Value". https://www.fairvalue-calculator.com/stock/COLR

Peer Group

Grocery Stores · 77 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Below median
Fair Value upside +9% · Above median
Return on equity (TTM) 10% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth 2% · Below median
Dividend yield (TTM) 3.5% · Above median
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 16.1× · Cheaper than median
P/B 1.63× · Cheaper than median
P/S (TTM) 0.50× · Pricier than median
P/FCF 20.2× · Pricier than 75% of peers
EV/EBITDA 6.4× · Pricier than median
PEG 1.83× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE45 · sector 40
FUTURE9 · sector 17
PAST42 · sector 50
HEALTH95 · sector 92
DIVIDEND70 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Grocery Stores stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$60.79 C$44.44 −27%
Koninklijke Ahold Delhaize N.V AD €30.57 €53.50 +75%
The Kroger Co KR $57.72 $28.19 −51%
Woolworths Group WOW A$40.32 A$8.33 −79%
George Weston Limited WN C$98.50 C$147.70 +50%
Metro Inc MRU C$88.26 C$94.01 +7%
Carrefour SA CA €15.63 €11.19 −28%
CP ALL Public Company TCPD 1.81 SGD 2.35 SGD +30%
BIM Birlesik Magazalar A.S., BIMAS 418.25 TRY 267.12 TRY −36%
Kesko Oyj KESKOA €21.25 €11.62 −45%

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Frequently asked questions

Is Etablissementen Franz Colruyt NV (COLR) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of €43.07 versus a price of €39.52, about +9% upside (fairly valued).
What is the fair value of COLR?
Our model-based fair value for Etablissementen Franz Colruyt NV is €43.07 (as of Aug 23, 2026), built from audited fundamentals. The current price: €39.52.
What is the quality score of COLR?
Etablissementen Franz Colruyt NV has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Etablissementen Franz Colruyt NV (COLR)?
Etablissementen Franz Colruyt NV reported trailing-twelve-month revenue of about €11.2B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of COLR?
The net profit margin of Etablissementen Franz Colruyt NV is about 2.6%, meaning it keeps roughly 2.6% of revenue as net income. Based on the latest reported figures.
Does Etablissementen Franz Colruyt NV pay a dividend?
Etablissementen Franz Colruyt NV currently shows a dividend yield of about 3.49% relative to its recent price (as of Aug 23, 2026).
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