Sector multiples in 2024 for grocery chains are improving, inspiring Publix stock price estimations. The average P/E ratio in the market is now at 22, up from 19 last year, hinting at bullish sentiment for retail food equities. In November, Publix reported $833 million in net earnings for the third quarter of 2023, an increase of 111.4% from a year earlier. The grocer's sales for the third quarter were $14 billion, a 7.2% increase from $13 billion in 2022. Comparable store sales for the three months ended Sept. 30 increased 4.3%. Publix, the largest employee-owned company in the U.S. with more than 260,000 associates, currently operates 1,403 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Virginia and Kentucky. For 28 consecutive years, the company has been recognized by Fortune as a great place to work. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s newsroom at corporate.publix.com/newsroom . Publix stock price cannot be found on Nasdaq or NYSE since Publix is privately owned, but projected fair market value is modeled using EV/EBITDA ratios of similar retailers. With sector multiples averaging 10.5x in Q2 2024, the grocery market outlook indicates steady appreciation.
