Financials CP ALL

Equities

CPALL

TH0737010Y08

Food Retail & Distribution

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
56.75 ^THB	-1.73%		+3.65%	+1.34%

Apr. 26	Cp All Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 24, 2024	CI
Feb. 23	CP ALL Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 24, 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	509,791	-	-
Enterprise Value (EV) ¹	764,215	775,608	895,146	893,025	503,054	806,528	788,626	775,637
P/E ratio	30.4 x	34.7 x	44.4 x	49.1 x	27.9 x	23.7 x	20.5 x	17.7 x
Yield	1.73%	1.55%	1.02%	1.1%	-	2.05%	2.37%	2.73%
Capitalization / Revenue	1.18 x	1 x	0.94 x	0.74 x	0.56 x	0.53 x	0.5 x	0.47 x
EV / Revenue	1.39 x	1.47 x	1.58 x	1.08 x	0.56 x	0.84 x	0.77 x	0.72 x
EV / EBITDA	17.2 x	16 x	20.8 x	12.3 x	6.45 x	9.72 x	8.89 x	8.02 x
EV / FCF	32.3 x	32.6 x	27.8 x	20.2 x	-	23.8 x	19.4 x	16.7 x
FCF Yield	3.09%	3.06%	3.6%	4.95%	-	4.21%	5.15%	5.98%
Price to Book	6.92 x	5.41 x	5.09 x	6.09 x	-	4.21 x	3.78 x	3.42 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	56.75	56.75	56.75
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	961,537	1,020,179	1,075,140
EBITDA ¹	44,306	48,502	42,992	72,352	78,034	83,013	88,695	96,693
EBIT ¹	33,087	27,852	18,196	35,808	41,451	46,233	51,040	56,626
Operating Margin	6.01%	5.3%	3.22%	4.32%	4.63%	4.81%	5%	5.27%
Earnings before Tax (EBT) ¹	26,764	19,262	12,577	20,082	26,454	31,407	36,252	42,062
Net income ¹	22,343	16,102	12,985	13,272	18,482	21,640	24,860	28,905
Net margin	4.06%	3.06%	2.3%	1.6%	2.06%	2.25%	2.44%	2.69%
EPS ²	2.380	1.680	1.330	1.390	2.010	2.397	2.763	3.210
Free Cash Flow ¹	23,640	23,761	32,247	44,176	-	33,959	40,614	46,408
FCF margin	4.29%	4.52%	5.71%	5.33%	-	3.53%	3.98%	4.32%
FCF Conversion (EBITDA)	53.36%	48.99%	75.01%	61.06%	-	40.91%	45.79%	47.99%
FCF Conversion (Net income)	105.8%	147.56%	248.33%	332.85%	-	156.93%	163.37%	160.56%
Dividend per Share ²	1.250	0.9000	0.6000	0.7500	-	1.166	1.344	1.550
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 Q3	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
Net sales ¹	264,072	125,287	179,226	194,409	208,210	402,619	207,617	218,863	215,895	225,603	441,498	220,051	233,732	231,768	241,071	232,535	249,607	-
EBITDA ¹	19,736	9,955	18,518	17,740	17,291	35,031	-	18,770	18,750	19,088	37,838	18,783	21,413	13,072	-	-	-	-
EBIT ¹	14,113	4,436	-	8,780	8,310	17,090	9,272	9,313	9,765	9,985	19,751	9,582	12,119	11,712	12,143	8,355	15,931	-
Operating Margin	5.34%	3.54%	-	4.52%	3.99%	4.24%	4.47%	4.26%	4.52%	4.43%	4.47%	4.35%	5.19%	5.05%	5.04%	3.59%	6.38%	-
Earnings before Tax (EBT) ¹	10,256	1,837	-	5,200	4,548	9,748	5,277	5,057	5,996	6,099	12,095	6,045	8,314	7,174	-	-	-	-
Net income ¹	8,532	1,493	6,704	3,453	3,004	6,457	3,677	3,138	4,123	4,438	8,561	4,424	5,497	4,943	5,549	5,634	6,144	-
Net margin	3.23%	1.19%	3.74%	1.78%	1.44%	1.6%	1.77%	1.43%	1.91%	1.97%	1.94%	2.01%	2.35%	2.13%	2.3%	2.42%	2.46%	-
EPS ²	0.8900	0.1400	0.7100	0.3600	0.3100	0.6700	0.3900	0.3400	0.4500	0.4800	0.9300	0.4800	0.6000	0.5489	0.6523	0.6272	0.6839	-
Dividend per Share ²	-	-	-	-	-	-	-	0.7500	-	-	-	-	-	-	1.013	-	-	-
Announcement Date	8/11/20	11/11/21	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	-	-	-	-	-

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	-	296,737	278,835	265,846
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.6 x	5.203 x	8.493 x	3.869 x	-	3.575 x	3.144 x	2.749 x
Free Cash Flow ¹	23,640	23,761	32,247	44,176	-	33,959	40,614	46,408
ROE (net income / shareholders' equity)	25%	16.9%	12.9%	13%	-	18.8%	19.5%	20.7%
ROA (Net income/ Total Assets)	5.96%	3.58%	1.78%	1.43%	-	2.35%	2.63%	3.06%
Assets ¹	374,677	449,487	727,641	927,962	-	920,517	945,111	944,438
Book Value Per Share ²	10.40	10.80	11.60	11.20	-	13.50	15.00	16.60
Cash Flow per Share ²	4.310	4.080	5.160	7.780	-	8.230	7.850	8.810
Capex ¹	16,837	15,387	14,072	25,698	-	37,298	36,246	36,621
Capex / Sales	3.06%	2.93%	2.49%	3.1%	-	3.88%	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

56.75 THB

Average target price

72.67 THB

Spread / Average Target

+28.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
CP ALL	+1.34%	13.77B
WALMART INC.	+14.48%	485B
KROGER CO. (THE)	+21.40%	40.05B
SYSCO CORPORATION	+5.39%	38.37B
AHOLD DELHAIZE N.V.	+7.63%	28.47B
WOOLWORTHS GROUP LIMITED	-15.08%	25.16B
TESCO PLC	-0.55%	25.08B
AEON CO., LTD.	+4.35%	17.88B
GEORGE WESTON LIMITED	+11.96%	17.99B
US FOODS HOLDING CORP.	+13.08%	12.59B

Other Food Retail & Distribution