Financials CP ALL Börse Stuttgart

Equities

LVN

TH0737010Y16

Food Retail & Distribution

Delayed Börse Stuttgart Other stock markets 02:14:15 2024-07-11 am EDT			5-day change	1st Jan Change
1.4 ^EUR	-0.71%		+3.70%	-0.71%

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	518,774	-	-
Enterprise Value (EV) ¹	764,215	775,608	895,146	893,025	763,083	817,539	796,346	782,972
P/E ratio	30.4 x	34.7 x	44.4 x	49.1 x	27.9 x	22.5 x	19.7 x	17.3 x
Yield	1.73%	1.55%	1.02%	1.1%	1.79%	2.13%	2.4%	2.74%
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	0.85 x	0.78 x	0.73 x
EV / EBITDA	17.2 x	16 x	20.8 x	12.3 x	9.78 x	9.88 x	9.01 x	8.29 x
EV / FCF	32.3 x	32.6 x	27.8 x	20.2 x	12.1 x	71.1 x	23.9 x	19.8 x
FCF Yield	3.09%	3.06%	3.6%	4.95%	8.24%	1.41%	4.18%	5.05%
Price to Book	6.92 x	5.41 x	5.09 x	6.09 x	4.53 x	4.25 x	3.83 x	3.47 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	963,014	1,019,135	1,076,889
EBITDA ¹	44,306	48,502	42,992	72,352	78,034	82,769	88,384	94,455
EBIT ¹	33,087	27,852	18,196	35,808	41,451	47,904	52,227	57,746
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	33,034	38,173	43,825
Net income ¹	22,343	16,102	12,985	13,272	18,482	22,938	26,337	29,966
Net margin	4.06%	3.06%	2.3%	1.6%	2.06%	2.38%	2.58%	2.78%
EPS ²	2.380	1.680	1.330	1.390	2.010	2.556	2.922	3.315
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	11,493	33,318	39,522
FCF margin	4.29%	4.52%	5.71%	5.33%	7.03%	1.19%	3.27%	3.67%
FCF Conversion (EBITDA)	53.36%	48.99%	75.01%	61.06%	80.61%	13.89%	37.7%	41.84%
FCF Conversion (Net income)	105.8%	147.56%	248.33%	332.85%	340.34%	50.11%	126.51%	131.89%
Dividend per Share ²	1.250	0.9000	0.6000	0.7500	1.000	1.222	1.382	1.576
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 S1	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	240,277	474,208	232,535	249,607	-	-
EBITDA ¹	19,736	18,518	17,740	17,291	35,031	-	18,770	18,750	19,088	37,838	18,783	21,413	14,816	13,862	-	-	-	-	-
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	11,851	-	-	-	-	-
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%	4.93%	-	-	-	-	-
Earnings before Tax (EBT) ¹	10,256	-	5,200	4,548	9,748	5,277	5,057	5,996	6,099	12,095	6,045	8,314	8,944	7,944	-	-	-	-	-
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	5,829	-	5,634	6,144	-	-
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%	2.43%	-	2.42%	2.46%	-	-
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	0.6541	-	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	298,765	277,572	264,198
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.6 x	5.203 x	8.493 x	3.869 x	3.332 x	3.61 x	3.141 x	2.797 x
Free Cash Flow ¹	23,640	23,761	32,247	44,176	62,902	11,493	33,318	39,522
ROE (net income / shareholders' equity)	25%	16.9%	12.9%	13%	17.5%	19.8%	20.4%	21%
ROA (Net income/ Total Assets)	5.96%	3.58%	1.78%	1.43%	2%	2.45%	3.1%	3.67%
Assets ¹	374,677	449,487	727,641	927,962	925,263	936,242	848,784	816,513
Book Value Per Share ²	10.40	10.80	11.60	11.20	12.40	13.50	15.00	16.60
Cash Flow per Share ²	4.310	4.080	5.160	7.780	9.700	7.400	7.690	8.840
Capex ¹	16,837	15,387	14,072	25,698	24,270	37,072	36,196	36,112
Capex / Sales	3.06%	2.93%	2.49%	3.1%	2.71%	3.85%	3.55%	3.35%
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

75.43 THB

Spread / Average Target

+31.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WALMART INC.	+32.65%	566B
KROGER CO. (THE)	+14.96%	38.25B
LOBLAW COMPANIES LIMITED	+29.78%	37.23B
SYSCO CORPORATION	-2.86%	34.68B
AHOLD DELHAIZE N.V.	+11.13%	29.22B
WOOLWORTHS GROUP LIMITED	-7.80%	28.01B
TESCO PLC	+7.75%	27.35B
GEORGE WESTON LIMITED	+26.42%	20.26B
AEON CO., LTD.	+5.52%	17.7B

Other Food Retail & Distribution