Financials CP ALL OTC Markets

Equities

CPPCY

US12623Y1073

Food Retail & Distribution

Market Closed - OTC Markets Other stock markets 09:52:13 13/06/2024 pm IST			5-day change	1st Jan Change
14.25 ^USD	-7.77%		-6.80%	-15.28%

10/05	CP ALL Public Company Limited Plans to Develop Distribution Channels for Products and Services	CI
10/05	CP ALL Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,49,029	5,23,266	5,30,003	6,13,097	5,03,054	5,03,054	-	-
Enterprise Value (EV) ¹	7,64,215	7,75,608	8,95,146	8,93,025	7,63,083	8,01,873	7,80,687	7,67,331
P/E ratio	30.4 x	34.7 x	44.4 x	49.1 x	27.9 x	22.1 x	19.5 x	17.2 x
Yield	1.73%	1.55%	1.02%	1.1%	1.79%	2.2%	2.44%	2.79%
Capitalization / Revenue	1.18 x	1 x	0.94 x	0.74 x	0.56 x	0.52 x	0.49 x	0.47 x
EV / Revenue	1.39 x	1.47 x	1.58 x	1.08 x	0.85 x	0.83 x	0.77 x	0.71 x
EV / EBITDA	17.2 x	16 x	20.8 x	12.3 x	9.78 x	9.59 x	8.67 x	7.93 x
EV / FCF	32.3 x	32.6 x	27.8 x	20.2 x	12.1 x	75.4 x	26 x	21.7 x
FCF Yield	3.09%	3.06%	3.6%	4.95%	8.24%	1.33%	3.85%	4.62%
Price to Book	6.92 x	5.41 x	5.09 x	6.09 x	4.53 x	4.15 x	3.74 x	3.4 x
Nbr of stocks (in thousands)	89,83,101	89,83,101	89,83,101	89,83,101	89,83,101	89,83,101	-	-
Reference price ²	72.25	58.25	59.00	68.25	56.00	56.00	56.00	56.00
Announcement Date	19/02/20	22/02/21	24/02/22	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,50,901	5,25,884	5,65,207	8,29,099	8,95,281	9,62,659	10,18,857	10,76,678
EBITDA ¹	44,306	48,502	42,992	72,352	78,034	83,620	90,033	96,751
EBIT ¹	33,087	27,852	18,196	35,808	41,451	47,838	52,167	57,673
Operating Margin	6.01%	5.3%	3.22%	4.32%	4.63%	4.97%	5.12%	5.36%
Earnings before Tax (EBT) ¹	26,764	19,262	12,577	20,082	26,454	32,785	37,775	43,231
Net income ¹	22,343	16,102	12,985	13,272	18,482	22,700	25,921	29,427
Net margin	4.06%	3.06%	2.3%	1.6%	2.06%	2.36%	2.54%	2.73%
EPS ²	2.380	1.680	1.330	1.390	2.010	2.531	2.877	3.258
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	10,633	30,027	35,433
FCF margin	4.29%	4.52%	5.71%	5.33%	7.03%	1.1%	2.95%	3.29%
FCF Conversion (EBITDA)	53.36%	48.99%	75.01%	61.06%	80.61%	12.72%	33.35%	36.62%
FCF Conversion (Net income)	105.8%	147.56%	248.33%	332.85%	340.34%	46.84%	115.84%	120.41%
Dividend per Share ²	1.250	0.9000	0.6000	0.7500	1.000	1.231	1.369	1.560
Announcement Date	19/02/20	22/02/21	24/02/22	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,64,072	1,79,226	1,94,409	2,08,210	4,02,619	2,07,617	2,18,863	2,15,895	2,25,603	4,41,498	2,20,051	2,33,732	2,34,315	2,41,071	2,32,535	2,49,607	-	-
EBITDA	19,736	18,518	17,740	17,291	35,031	-	18,770	18,750	19,088	37,838	18,783	21,413	14,816	-	-	-	-	-
EBIT ¹	14,113	-	8,780	8,310	17,090	9,272	9,313	9,765	9,985	19,751	9,582	12,119	12,207	12,431	8,027	17,059	-	-
Operating Margin	5.34%	-	4.52%	3.99%	4.24%	4.47%	4.26%	4.52%	4.43%	4.47%	4.35%	5.19%	5.21%	5.16%	3.45%	6.83%	-	-
Earnings before Tax (EBT)	10,256	-	5,200	4,548	9,748	5,277	5,057	5,996	6,099	12,095	6,045	8,314	8,944	-	-	-	-	-
Net income ¹	8,532	6,704	3,453	3,004	6,457	3,677	3,138	4,123	4,438	8,561	4,424	5,497	6,319	6,118	-	-	-	-
Net margin	3.23%	3.74%	1.78%	1.44%	1.6%	1.77%	1.43%	1.91%	1.97%	1.94%	2.01%	2.35%	2.7%	2.54%	-	-	-	-
EPS ²	0.8900	0.7100	0.3600	0.3100	0.6700	0.3900	0.3400	0.4500	0.4800	0.9300	0.4800	0.6000	0.6900	0.6523	0.6272	0.6839	-	-
Dividend per Share ²	-	-	-	-	-	-	0.7500	-	-	-	-	-	-	1.013	-	-	-	1.186
Announcement Date	11/08/20	24/02/22	11/05/22	10/08/22	10/08/22	11/11/22	23/02/23	10/05/23	10/08/23	10/08/23	10/11/23	23/02/24	10/05/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,15,185	2,52,342	3,65,143	2,79,928	2,60,029	2,98,819	2,77,633	2,64,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.6 x	5.203 x	8.493 x	3.869 x	3.332 x	3.574 x	3.084 x	2.732 x
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	10,633	30,027	35,433
ROE (net income / shareholders' equity)	25%	16.9%	12.9%	13%	17.5%	20%	20.2%	20.9%
ROA (Net income/ Total Assets)	5.96%	3.58%	1.78%	1.43%	2%	2.48%	3.09%	3.65%
Assets ¹	3,74,677	4,49,487	7,27,641	9,27,962	9,25,263	9,15,319	8,39,262	8,06,228
Book Value Per Share ²	10.40	10.80	11.60	11.20	12.40	13.50	15.00	16.50
Cash Flow per Share ²	4.310	4.080	5.160	7.780	9.700	7.000	7.620	8.740
Capex ¹	16,837	15,387	14,072	25,698	24,270	37,312	36,188	36,107
Capex / Sales	3.06%	2.93%	2.49%	3.1%	2.71%	3.88%	3.55%	3.35%
Announcement Date	19/02/20	22/02/21	24/02/22	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CP ALL

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

56 THB

Average target price

75.2 THB

Spread / Average Target

+34.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WALMART INC.	+27.54%	539B
KROGER CO. (THE)	+10.22%	36.36B
SYSCO CORPORATION	-3.34%	35.2B
LOBLAW COMPANIES LIMITED	+21.88%	34.71B
TESCO PLC	+6.78%	27.05B
WOOLWORTHS GROUP LIMITED	-11.72%	26.31B
AEON CO., LTD.	+7.71%	18.7B
GEORGE WESTON LIMITED	+15.09%	18.31B
US FOODS HOLDING CORP.	+14.12%	12.74B

Other Food Retail & Distribution