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Key Info

CP ALL PCL Web - www.cpall.co.th

Tel - 66-2-677-9000

Next Reporting Date - 15.05.2019

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Select Equity Data Snapshot

Food Retail Sector Link to Midlincoln Rural Investment Banking Ideas

From Food into Consumer Staples Sector

Verical Aand Food Production


Rural Investment Banking Craft News

  • Caribou Marketing Board: Regulating wild food suggested to ease ...
  • The three friends behind a $1bn healthy fast-food firm
  • AirAsia to launch fast food restaurant, Santan, serving airline food

    CP ALL

    Food & Staples Retailing

    THAIL


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.78%

    Cost of Debt

    3.78%

    Long Term Growth

    2.00%

    Beta Assumption

    0.72

    Current Market Cap mln$

    21,563.60

    Net Debt mln$

    4,137.61

    WACC Estimate

    5.91%

    Ordinary Current Price $

    2.40

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue11456.5612322.2113893.7515742.0217224.0718641.7520055.9621509.5223078.3524780.5726608.3428570.9130678.2532941.0235370.69
    EBITDA Costs10502.5911284.9912689.8414427.3215765.9417062.4918355.8719685.2421120.0422676.6624348.0226142.5628069.3630138.1832359.48
    EBITDA953.981037.221203.911314.701458.141579.261700.091824.281958.322103.912260.322428.362608.892802.843011.21
    EBITDA Margin8.338.428.678.358.478.478.488.488.498.498.498.508.508.518.51
    Operating Costs10717.7211520.6512971.7514750.6216129.1517462.0518791.6720158.3021633.3223234.4724954.1426801.0828784.7330915.1833203.33
    Operating Profit738.85801.55922.00991.401094.921179.711264.281351.211445.041546.091654.201769.831893.522025.832167.36
    Operating Margin6.456.506.646.306.366.336.306.286.266.246.226.196.176.156.13
    Pretax Costs10962.8911751.2613200.4614963.4616332.6717656.1118976.3120333.2521797.8023384.0025085.6326911.0928869.3830970.1833223.85
    PTP493.67570.95693.29778.56891.40985.641079.651176.271280.561396.571522.701659.831808.871970.842146.84
    Pretax Margin4.314.634.994.955.185.295.385.475.555.645.725.815.905.986.07
    Net Income Costs11056.4911849.5013306.5915094.1516472.7217808.2119140.4220509.7121987.5923588.3325305.6027147.8929124.3131244.6133519.27
    Net Income400.07472.71587.16647.87751.35 833.54915.53999.811090.761192.241302.741423.021553.941696.411851.41
    Net Margin3.493.844.234.124.364.474.564.654.734.814.904.985.075.155.23
    Revenue Less Capex11953.3412838.9014396.4216201.0217678.7919082.1620482.0921920.9823473.9825152.0526950.0828876.6530940.9433152.8035522.78
    Capex-496.78-516.69-502.67-459.00-454.72-440.41-426.13-411.46-395.62-371.48-341.75-305.74-262.69-211.79-152.10
    Capex to Revenues-4.34-4.19-3.62-2.92-2.64-2.36-2.12-1.91-1.71-1.50-1.28-1.07-0.86-0.64-0.43
    Revenue less FCF11272.2411992.0213287.4015169.9716436.4317720.6319001.6920318.3921739.5223272.3624913.2826669.9028550.3930563.4632718.47
    FCF184.32330.18606.35572.06787.64921.121054.271191.131338.841508.211695.051901.012127.862377.562652.21
    FCF to Revenue1.612.684.363.634.574.945.265.545.806.096.376.656.947.227.50

    THAILAND Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    CPALL TBCP ALL PCLTHAILAND 21563.6029.7726.0518.0416.371.241.688.227.2724.5324.54

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    WMT USWal-Mart Stores IncUNITED STATES 296804.7419.5221.7310.0910.800.642.176.343.808.875.77
    COST USCostco Wholesale CorpUNITED STATES 108034.5930.7728.8616.8715.840.710.954.197.2724.9613.14
    CVS USCVS Health CorpUNITED STATES 69114.117.797.277.867.470.283.716.901.0614.41-22.77
    WBA USWalgreens Boots Alliance IncUNITED STATES 48165.278.698.477.707.650.353.426.272.0720.48-30.10
    SYY USSysco CorpUNITED STATES 35618.9020.2818.4012.5211.670.592.175.7714.5266.850.60
    TSCO LNTesco PLCBRITAIN 31647.5616.3214.577.287.270.292.595.521.4710.4318.33
    3382 JPSeven & i Holdings Co LtdJAPAN 30589.1021.3215.266.515.200.821.9411.911.728.20-18.14
    WOW AUWoolworths LtdAUSTRALIA 29640.0724.3622.8211.2810.950.713.086.523.9516.2018.80
    WES AUWesfarmers LtdAUSTRALIA 28699.5019.0319.8811.2611.781.287.2311.524.1614.1418.41
    KR USKroger Co/TheUNITED STATES 20572.8913.0011.687.316.560.211.894.192.8441.52-5.68
    L CNLoblaw Cos LtdCANADA 17870.7614.9213.648.268.000.501.908.131.9813.2623.21
    8267 JPAeon Co LtdJAPAN 16018.6883.4651.088.437.970.211.456.371.802.10-18.72
    CA FPCarrefour SAFRANCE 15186.5414.9313.225.465.070.182.944.641.388.951.44
    WN CNGeorge Weston LtdCANADA 11402.0514.5213.488.317.970.311.989.051.9913.358.19
    COLR BBColruyt SABELGIUM 10288.0623.8223.4811.9211.720.991.898.154.1217.5024.94
    2912 TTPresident Chain Store CorpTAIWAN 9547.3827.1825.2612.9712.161.153.157.977.7928.34-17.06
    MRU CNMetro IncCANADA 9313.2017.1015.4211.2810.620.751.618.012.0813.2116.41
    6808 HKSun Art Retail Group LtdHONG KONG 8366.6721.4019.766.285.870.551.986.882.2610.66-23.18
    FIVE LIX5 Retail Group NVRUSSIA 7900.0514.4912.428.587.740.295.567.502.9920.6624.81
    SHP SJShoprite Holdings LtdSOUTH AFRICA 7173.6320.7518.1811.189.910.692.386.493.3416.62-2.19
    MGNT LIMagnit PJSCRUSSIA 7131.2513.5911.955.675.030.334.707.632.0013.6120.05
    PCAR4 BZCia Brasileira de DistribuicaoBRAZIL 6622.7321.9518.559.528.280.471.325.732.4111.0018.41
    SBRY LNJ Sainsbury PLCBRITAIN 6217.8310.7110.453.583.550.174.814.960.655.97-27.24
    MGNT RMMagnit PJSCRUSSIA 5669.4810.879.564.774.230.275.887.631.6013.619.87
    RADL3 BZRaia Drogasil SABRAZIL 5660.4041.1832.5717.9514.491.331.077.595.9015.13-3.94
    CENCOSUD CICencosud SACHILE 5378.3017.8720.6910.709.410.341.995.890.814.48-13.36
    CO FPCasino Guichard Perrachon SAFRANCE 4379.1111.9010.188.067.480.108.705.190.565.33-6.53
    BIMAS TIBIM Birlesik Magazalar ASTURKEY 4153.5517.6214.2911.079.120.613.385.286.1537.03-3.34
    139480 KSE-MART IncSOUTH KOREA 4105.1711.3010.348.217.860.251.125.710.544.98-12.19
    SPP SJSPAR Group Ltd/TheSOUTH AFRICA 2586.5517.1415.4510.439.610.354.043.574.8929.0817.20