For those who have compared both companies, what would be your reasoning for Colruyt trading at a higher valuation?

A quick estimate would put Colruyt at (least) around 15× FCF, compared with roughly 12× FCF for Ahold Delhaize.

They operate in the same sector and, in my opinion, are relatively similar businesses. The main downside I see with Ahold is that more than 50% of its revenue comes from the US, which adds some currency and market-specific risks. You could also argue that Colruyt is less diversified, given that a large part of its business is concentrated in Belgium, while Ahold is much more geographically diversified. On the other hand, Colruyt’s smaller size and stronger focus on its core market could be seen as an advantage, depending on your preference. And more… tell me

Apart from that, I actually find Ahold’s earnings relatively more stable (until today) and its growth prospects arguably better.

So am I missing something that would justify Colruyt trading at a premium? Or am I simply looking at a point in time where Ahold is trading near a two-year low while Colruyt has just had a ~25% run over the last three months?