olivLaw · European equity research
Sligro Food Group N.V. SLIGR.AS
Netherlands · Euronext Amsterdam · ISIN NL0000817179 · Vertical: Listed companies from Netherlands
Sligro Food Group N.V. is a Dutch food-service wholesaler operating in the Netherlands and Belgium through cash-and-carry outlets, delivery services and its own production units. In 2024 the company reported revenue of 2,890 million EUR, up 1.1%, while profitability improved through cost reductions in a market with declining volumes.
At the close of 05 Nov 2026, Sligro Food Group N.V. (SLIGR.AS) stock was 9.45 EUR (−0.53% on the day), with market capitalisation 420.0 m EUR, P/E 17.5 on diluted EPS of 0.54 EUR over the last 12 months, dividend yield 3.17%, beta 0.45, 52-week range 9.07–14.54 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.0
- neutral
- Bollinger (20, 2)
- 8.84 – 9.69
- in the upper half of the band · %B 0.72 · band width 9.2%
- SMA 50 / 200
- 9.74 / 11.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.4% | −0.6% | −0.7 pp | — |
| 3 months | −11.0% | −4.2% | −6.8 pp | — |
| 6 months | −27.0% | +4.3% | −31.3 pp | — |
| Year to date | −6.4% | +7.5% | −13.9 pp | — |
| 1 year | +1.0% | +9.9% | −9.0 pp | −0.2% |
| 3 years | −40.9% | +49.8% | −90.8 pp | +2.2% |
| 5 years | −59.7% | +42.8% | −102.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 18.7, median 34.0, max 113.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1.9 bn | 2.5 bn | 2.9 bn | 2.9 bn |
| Revenue YoY | unavailable | +30.8% | +15.1% | +1.1% |
| Net income | 20.0 m | 39.0 m | 6.0 m | 24.0 m |
| Net income YoY | unavailable | +95.0% | −84.6% | +300.0% |
| Diluted EPS | 0.45 | 0.87 | 0.14 | 0.54 |
| Diluted EPS YoY | unavailable | +93.3% | −83.9% | +285.7% |
| net % | 1.1% | 1.6% | 0.2% | 0.8% |
| Free cash flow | 52.0 m | 51.0 m | 78.0 m | 55.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 78.0 m EUR
- Financial debt
- 198.0 m EUR
- Net debt
- 120.0 m EUR
- Equity
- 471.0 m EUR
- Total assets
- 1.5 bn EUR
- Debt / equity
- 0.42x
- Current ratio
- 0.90x
- ROE
- 5.2%
- ROA
- 1.6%
- FCF margin
- 1.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.5 bn | 2.9 bn | 2.9 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 1.4 bn | 1.8 bn | 2.1 bn | 2.1 bn | esef· 15 Apr 2025verified |
| Gross profit | 498.0 m | 663.0 m | 762.0 m | 765.0 m | esef· 15 Apr 2025verified |
| Operating income | 25.0 m | 43.0 m | 15.0 m | 43.0 m | esef· 15 Apr 2025verified |
| Interest expense | 7.0 m | 7.0 m | 16.0 m | 18.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | 26.0 m | 43.0 m | 6.0 m | 29.0 m | esef· 15 Apr 2025verified |
| Income tax | 6.0 m | 4.0 m | 0 | 5.0 m | esef· 15 Apr 2025verified |
| Net income | 20.0 m | 39.0 m | 6.0 m | 24.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.45 | 0.87 | 0.14 | 0.54 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 0.29 | 0.56 | 0.30 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 12.0 m | 4.0 m | 32.0 m | 78.0 m | esef· 15 Apr 2025verified |
| Receivables | 131.0 m | 240.0 m | 244.0 m | 231.0 m | esef· 15 Apr 2025verified |
| Inventories | 226.0 m | 266.0 m | 268.0 m | 267.0 m | esef· 15 Apr 2025verified |
| Current assets | 407.0 m | 605.0 m | 590.0 m | 635.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 282.0 m | 281.0 m | 296.0 m | 303.0 m | esef· 15 Apr 2025verified |
| Goodwill | 125.0 m | 125.0 m | 130.0 m | 130.0 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 146.0 m | 144.0 m | 143.0 m | 127.0 m | esef· 15 Apr 2025verified |
| Total assets | 1.2 bn | 1.4 bn | 1.5 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Short-term debt | 1.0 m | 55.0 m | 100.0 m | 124.0 m | esef· 15 Apr 2025verified |
| Long-term debt | 160.0 m | 110.0 m | 101.0 m | 74.0 m | esef· 15 Apr 2025verified |
| Current liabilities | 382.0 m | 610.0 m | 651.0 m | 706.0 m | esef· 15 Apr 2025verified |
| Equity | 453.0 m | 479.0 m | 461.0 m | 471.0 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 44.4 m | 44.3 m | 42.9 m | 44.4 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 73.0 m | 91.0 m | 142.0 m | 97.0 m | esef· 15 Apr 2025verified |
| Capex | 21.0 m | 40.0 m | 64.0 m | 42.0 m | esef· 15 Apr 2025verified |
| Free cash flow | 52.0 m ≈ | 51.0 m ≈ | 78.0 m ≈ | 55.0 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -35.0 m | -41.0 m | -119.0 m | -41.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | -22.0 m | -57.0 m | 5.0 m | -10.0 m | esef· 15 Apr 2025verified |
| Dividends paid | 0 | 13.0 m | 24.0 m | 13.0 m | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 420.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality61
- Growth71
- Balance sheet12
- Returns67
- Valuation74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.08 – 56.02 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)30.24 – 56.02 (Mid 39.35)WACC 7.1% · starting FCFF 69.9 m EUR · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E5.70 – 13.86 (Mid 7.84)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)4.08 – 5.56 (Mid 4.71)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.8% | 50 (vs peers) | 13% |
| Net margin · Quality | 0.8% | 42 (vs peers) | 8% |
| FCF conversion · Quality | 229.2% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 15.0% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 6.3% | 42 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 17.5x | 52 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.1% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 3.1% | 44 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 23.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth71/100 · 2/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation74/100 · 2/3 factors with a value
Memo
Sligro Food Group N.V. (SLIGR.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.9 bn EUR in 2024; YoY growth 1.1%; net margin 0.8%; ROE 5.2%.
The estimated value range is 5.70–13.86 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 7.84 EUR, the price of 9.45 EUR leaves a potential of -17.1% (value / price − 1) and a margin of safety of -20.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 229.2%
- Revenue CAGR 3Y: 15.0%
- FCF yield: 13.1%
- Payout ratio (FCF): 23.6%
What contradicts it
- Interest coverage: 2.4x
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| SLIGR.ASSligro Food Group N.V. | 420.0 m | 17.5 | 5.2% | 0.8% | +1.1% | −4% / −39% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for SLIGR.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.18 Total return -32% · Per year -32% | 10.87 Total return 19% · Per year 19% | 16.30 Total return 77% · Per year 77% |
| 3 years | 7.32 Total return -13% · Per year -5% | 14.37 Total return 65% · Per year 18% | 23.47 Total return 164% · Per year 38% |
| 5 years | 8.69 Total return 8% · Per year 2% | 19.01 Total return 126% · Per year 18% | 33.80 Total return 290% · Per year 31% |
- Exit P/E± 3.59
- Net margin± 2.52
- Annual revenue growth± 1.88
- Annual dilution± 0.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sligro Food Group N.V. is a Dutch food-service wholesaler operating in the Netherlands and Belgium through cash-and-carry outlets, delivery services and its own production units. In 2024 the company reported revenue of 2,890 million EUR, up 1.1%, while profitability improved through cost reductions in a market with declining volumes.
SWOT
Strengths
- Long-term contracts with most large customers, and the extension of some of them in 2024, give a stable revenue base 1.
- A dense network of self-service and delivery outlets, complemented by own production, supports control over the supply chain 1.
- The Heineken partnership and the integrated backoffice between the Netherlands and Belgium support group-wide synergies 1.
Weaknesses
- Profitability remains modest, and Ebitda is still below the medium-term target, which will be reached later than planned 1.
- Delivery operations in Belgium suffered disruption after the IT system migration, with revenue losses 1.
- Growth in tobacco sales dilutes gross margin, because these products carry very small margins 1.
Opportunities
Threats
Risks
- Cost pressurehigh
Costs for wages, energy and transport rose by more than five percent in 2024, and their pass-through to prices was limited 1. If this pressure persists, margins could stay below the planned target.
- Market volumeshigh
Declining food-service volumes, partly masked by inflation, could weigh on organic sales growth 1.
- Execution in Belgiummedium
Delivery problems after the IT migration hurt sales in Belgium, and recovery depends on keeping customer confidence 1.
- Data regulationmedium
Privacy restrictions limit access to new customers through traditional acquisition channels, which could slow the growth of the customer base 1.
- Product mixlow
A rising share of tobacco, with a very small margin, could keep weighing on gross margin if other categories do not offset it 1.
Investment thesis
What would need to be true (bull case)
- If volumes recover, the base of long-term contracts and the second-half recovery could accelerate revenue and profitability growth 1.
- Savings from reorganisation and in-house transport could improve margins, and Ebitda could converge toward the 7.5% of revenue target 1.
- A leading position in self-service and own production gives an operating base that competitors could hardly replicate quickly 1.
What would break the thesis
- If cost inflation keeps outpacing selling prices, margins could remain below expectations and the Ebitda target could slip again 1.
- Falling volumes in the food-service market and lost customer confidence in Belgium could limit organic growth over the medium term 1.
- Rising tobacco sales may mask weakness in higher-margin categories, and privacy restrictions could slow the acquisition of new customers 1.
What to watch
- Revenue development in Belgium after delivery operations stabilise2025
- Progress toward the Ebitda target of 7.5% of revenue2025
- Gross margin trend excluding and including tobacco2025
- Effect of central-services reorganisation savings on costsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sligro Food Group N.V. serves professional food customers through two main distribution formats 1. Zelfbedieningsgroothandels (ZB) operate as cash-and-carry outlets, while Bezorgservicegroothandels (BS) deliver directly to customers, with Sligro / Van Hoeckel in the Netherlands and Sligro / Sligro-M / JAVA Foodservice in Belgium 1. The group also runs production businesses (Culivers / SmitVis, Bouter, Van Hoeckel, ZiN, Tintelingen), is supplied through a central distribution centre, and works with Heineken as a partner 1.
At the end of 2024 the network comprised 63 self-service and pick-up outlets, 51 in the Netherlands and 12 in Belgium, with a total sales floor area of about 400 thousand square metres 1. The company reported EBIT of 43 million EUR and net profit of 24 million EUR for 2024, compared with 15 and 6 million EUR in 2023 1.
The proposed dividend for 2024 was 0.40 EUR per share, and management stated that the Ebitda target of 7.5% of revenue remains in place but will take longer to reach than originally planned 1.
Segments
Self-service wholesale (ZB)
Cash-and-carry outlets are the group's largest segment, with 50 sites in the Netherlands and 12 in Belgium at the end of 2024 1. In the Netherlands self-service sales declined slightly excluding tobacco but recovered in the second half after a radio and social media campaign 1. In Belgium self-service sales grew, supported by the Sligro-M outlets 1.
Delivery service (BS)
Delivery sales in the Netherlands grew modestly, a rise the company largely attributes to inflation 1. In Belgium deliveries were hit by the IT system migration, harmonisation of assortments and operational changes between 2023 and 2024, but showed signs of stabilising from summer 2024 1.
Market context
The Benelux food-service market in 2024 was marked by declining volumes, partly offset by inflation that remained elevated at around 3% in historical terms 1. The company noted that privacy legislation made acquiring new customers through the Chamber of Commerce registrations harder, slowing growth in younger customer groups 1.
Long-term contracts with most large customers provide a stable base, and extensions agreed with some of them in 2024 support a possible recovery in sales once markets improve 1. Management nevertheless stressed that current market conditions remain difficult 1.
Trends
- Persistent inflationmixed
Inflation of around 3% supported nominal revenue but raised costs for wages, rent, energy and transport, which the group could not pass on in full to customers 1. If inflation normalises, margin pressure could ease.
- Declining market volumesheadwind
Volumes in the food-service and horeca market fell in 2024, and the company reported being affected as well, though it sought to offset this through pricing and assortment 1. A continuation of this trend could limit organic growth.
- Digitalisation and datatailwind
Investments in online channels, data quality and the new IT landscape allow customer communication to be targeted and campaigns on social media to be linked to purchasing behaviour 1. If these systems stabilise, commercial efficiency could improve.
- Tobacco rules and privacymixed
Tobacco sales growth of 26.6% in 2024 supported revenue but diluted gross margin, since these products carry a very low margin 1. Privacy restrictions at the same time limit access to new customers 1.
Competitive position
Sligro Food Group competes with other food-service wholesalers in the Benelux and with cash-and-carry chains and local distributors in the professional horeca segment 1. The sources provided do not name individual competitors, so the analysis relies solely on the annual report 1.
The group's advantage lies in its dense outlet network, own production and the Heineken partnership, which support acquisition and upselling to horeca customers 1. Competitive pressure shows mainly in pricing and in the need to keep customers on long-term contracts 1.
- Other Benelux food-service wholesalers
The sources do not name individual competitors; the comparison cannot be detailed from the annual report.
- Cash-and-carry chains
Direct competition in the self-service segment, where Sligro runs its own outlets in the Netherlands and Belgium.
- Local delivery distributors
Competition in the delivery segment, especially in Belgium, where the delivery network was reorganised.
- Horeca producers and distributors
Relevant through product range and direct sales channels to professional customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202320 Feb 2024
- Annual report 202315 Apr 2025
- Annual report 202220 Feb 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sligro Food Group N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.