Financials CP ALL

Equities

CPALL

TH0737010Y08

Food Retail & Distribution

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
57.5 ^THB	-.--%		-1.71%	+2.68%

May. 10	CP ALL Public Company Limited Plans to Develop Distribution Channels for Products and Services	CI
May. 10	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	649,029	523,266	530,003	613,097	503,054	516,528	-	-
Enterprise Value (EV) ¹	764,215	775,608	895,146	893,025	763,083	791,537	794,103	780,691
P/E ratio	30.4 x	34.7 x	44.4 x	49.1 x	27.9 x	22.8 x	20.1 x	17.7 x
Yield	1.73%	1.55%	1.02%	1.1%	1.79%	2.12%	2.36%	2.69%
Capitalization / Revenue	1.18 x	1 x	0.94 x	0.74 x	0.56 x	0.54 x	0.51 x	0.48 x
EV / Revenue	1.39 x	1.47 x	1.58 x	1.08 x	0.85 x	0.82 x	0.78 x	0.73 x
EV / EBITDA	17.2 x	16 x	20.8 x	12.3 x	9.78 x	9.57 x	8.84 x	8.09 x
EV / FCF	32.3 x	32.6 x	27.8 x	20.2 x	12.1 x	39.4 x	22.3 x	18.4 x
FCF Yield	3.09%	3.06%	3.6%	4.95%	8.24%	2.54%	4.48%	5.43%
Price to Book	6.92 x	5.41 x	5.09 x	6.09 x	4.53 x	4.24 x	3.85 x	3.5 x
Nbr of stocks (in thousands)	8,983,101	8,983,101	8,983,101	8,983,101	8,983,101	8,983,101	-	-
Reference price ²	72.25	58.25	59.00	68.25	56.00	57.50	57.50	57.50
Announcement Date	2/19/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	550,901	525,884	565,207	829,099	895,281	960,057	1,018,458	1,076,350
EBITDA ¹	44,306	48,502	42,992	72,352	78,034	82,690	89,862	96,526
EBIT ¹	33,087	27,852	18,196	35,808	41,451	47,696	51,907	57,362
Operating Margin	6.01%	5.3%	3.22%	4.32%	4.63%	4.97%	5.1%	5.33%
Earnings before Tax (EBT) ¹	26,764	19,262	12,577	20,082	26,454	32,634	37,610	43,080
Net income ¹	22,343	16,102	12,985	13,272	18,482	22,585	25,803	29,314
Net margin	4.06%	3.06%	2.3%	1.6%	2.06%	2.35%	2.53%	2.72%
EPS ²	2.380	1.680	1.330	1.390	2.010	2.521	2.858	3.240
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	20,097	35,571	42,388
FCF margin	4.29%	4.52%	5.71%	5.33%	7.03%	2.09%	3.49%	3.94%
FCF Conversion (EBITDA)	53.36%	48.99%	75.01%	61.06%	80.61%	24.3%	39.58%	43.91%
FCF Conversion (Net income)	105.8%	147.56%	248.33%	332.85%	340.34%	88.98%	137.86%	144.6%
Dividend per Share ²	1.250	0.9000	0.6000	0.7500	1.000	1.219	1.359	1.548
Announcement Date	2/19/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

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	264,072	179,226	194,409	208,210	402,619	207,617	218,863	215,895	225,603	441,498	220,051	233,732	234,315	241,071	232,535	249,607	-	-
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	8/11/20	2/24/22	5/11/22	8/10/22	8/10/22	11/11/22	2/23/23	5/10/23	8/10/23	8/10/23	11/10/23	2/23/24	5/10/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	115,185	252,342	365,143	279,928	260,029	275,009	277,575	264,162
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.6 x	5.203 x	8.493 x	3.869 x	3.332 x	3.326 x	3.089 x	2.737 x
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	20,097	35,571	42,388
ROE (net income / shareholders' equity)	25%	16.9%	12.9%	13%	17.5%	19.5%	20%	20.8%
ROA (Net income/ Total Assets)	5.96%	3.58%	1.78%	1.43%	2%	2.75%	3.25%	3.83%
Assets ¹	374,677	449,487	727,641	927,962	925,263	821,262	793,327	766,377
Book Value Per Share ²	10.40	10.80	11.60	11.20	12.40	13.60	15.00	16.40
Cash Flow per Share ²	4.310	4.080	5.160	7.780	9.700	6.960	7.590	8.690
Capex ¹	16,837	15,387	14,072	25,698	24,270	37,312	36,188	36,667
Capex / Sales	3.06%	2.93%	2.49%	3.1%	2.71%	3.89%	3.55%	3.41%
Announcement Date	2/19/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

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

57.5 THB

Average target price

74.92 THB

Spread / Average Target

+30.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
CP ALL	+2.68%	14.03B
WALMART INC.	+25.14%	530B
KROGER CO. (THE)	+14.58%	37.79B
SYSCO CORPORATION	-0.41%	36.26B
LOBLAW COMPANIES LIMITED	+23.40%	35.42B
AHOLD DELHAIZE N.V.	+9.71%	29.22B
TESCO PLC	+7.06%	27.37B
WOOLWORTHS GROUP LIMITED	-15.05%	25.62B
GEORGE WESTON LIMITED	+17.71%	18.87B
AEON CO., LTD.	+7.49%	18.44B

Other Food Retail & Distribution