Stock CBG CARABAO GROUP
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Financials Carabao Group

Equities

CBG

TH6066010005

Non-Alcoholic Beverages

End-of-day quote Thailand S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
68.5 THB +4.58% Intraday chart for Carabao Group +4.18% -16.97%
04-26 Carabao Group Public Company Limited Announces Board and Audit Committee Appointments CI
02-16 Carabao Group Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,000 114,500 119,500 96,750 82,500 68,500 - -
Enterprise Value (EV) 1 87,167 118,348 124,870 103,094 82,500 71,858 70,776 68,722
P/E ratio 33.5 x 32.4 x 41.5 x 42.2 x 43 x 28.2 x 25 x 22.6 x
Yield 2.02% 2.1% 2.01% 1.81% - 1.96% 2.21% 2.72%
Capitalization / Revenue 5.58 x 6.59 x 6.88 x 5.04 x 4.38 x 3.09 x 2.83 x 2.66 x
EV / Revenue 5.79 x 6.81 x 7.19 x 5.37 x 4.38 x 3.24 x 2.92 x 2.67 x
EV / EBITDA 23.5 x 24.4 x 31.3 x 28.6 x 27.2 x 18.9 x 16.8 x 15 x
EV / FCF 34.5 x 59.7 x 96.6 x 60.8 x - 34 x 24.6 x 21.4 x
FCF Yield 2.9% 1.67% 1.04% 1.65% - 2.94% 4.07% 4.67%
Price to Book 9.81 x 11.5 x 11.7 x 9.06 x - 5.42 x 4.92 x 4.52 x
Nbr of stocks (in thousands) 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 - -
Reference price 2 84.00 114.5 119.5 96.75 82.50 68.50 68.50 68.50
Announcement Date 20/02/20 19/02/21 18/02/22 20/02/23 16/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,052 17,382 17,364 19,215 18,853 22,182 24,216 25,714
EBITDA 1 3,710 4,846 3,992 3,608 3,038 3,803 4,211 4,575
EBIT 1 3,058 4,178 3,239 2,555 2,219 2,930 3,313 3,655
Operating Margin 20.32% 24.03% 18.65% 13.3% 11.77% 13.21% 13.68% 14.21%
Earnings before Tax (EBT) 1 3,032 4,227 3,356 2,684 2,237 2,875 3,249 3,581
Net income 1 2,506 3,525 2,881 2,286 1,924 2,424 2,741 3,029
Net margin 16.65% 20.28% 16.59% 11.9% 10.21% 10.93% 11.32% 11.78%
EPS 2 2.510 3.530 2.880 2.290 1.920 2.428 2.742 3.026
Free Cash Flow 1 2,524 1,981 1,293 1,696 - 2,111 2,879 3,212
FCF margin 16.77% 11.4% 7.45% 8.83% - 9.52% 11.89% 12.49%
FCF Conversion (EBITDA) 68.04% 40.88% 32.39% 47.02% - 55.5% 68.38% 70.21%
FCF Conversion (Net income) 100.72% 56.2% 44.88% 74.19% - 87.07% 105.05% 106.03%
Dividend per Share 2 1.700 2.400 2.400 1.750 - 1.341 1.516 1.866
Announcement Date 20/02/20 19/02/21 18/02/22 20/02/23 16/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales 1 3,957 4,382 4,826 5,247 10,030 4,695 4,490 4,124 4,707 4,707 5,316 5,132 -
EBITDA 802.6 861.2 936.7 1,120 2,100 806.9 700.1 554.1 753.3 810.8 982 - -
EBIT 1 609.6 667.2 739.4 851 1,590 544.9 419.6 287.9 547.7 606.7 776.9 755 -
Operating Margin 15.41% 15.23% 15.32% 16.22% 15.86% 11.61% 9.34% 6.98% 11.64% 12.89% 14.61% 14.71% -
Earnings before Tax (EBT) 673 689.1 758.1 893.3 - 570.2 462.4 316.8 555 601.5 763.8 - -
Net income 1 601.2 612.9 660.2 742.5 1,403 475.3 408.2 263.8 481.5 529.6 649.3 594.5 625
Net margin 15.19% 13.99% 13.68% 14.15% 13.98% 10.12% 9.09% 6.4% 10.23% 11.25% 12.21% 11.58% -
EPS 0.6000 0.6100 - 0.7400 1.400 0.4800 0.4100 0.2600 0.4800 0.5300 0.6500 - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 12/11/21 18/02/22 13/05/22 11/08/22 11/08/22 11/11/22 20/02/23 16/05/23 10/08/23 10/11/23 16/02/24 - -
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,167 3,848 5,370 6,344 - 3,358 2,276 223
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.8535 x 0.794 x 1.345 x 1.758 x - 0.8829 x 0.5405 x 0.0486 x
Free Cash Flow 1 2,524 1,981 1,293 1,696 - 2,111 2,879 3,212
ROE (net income / shareholders' equity) 31.8% 38.1% 28.6% 21.9% - 20% 20.5% 20.6%
ROA (Net income/ Total Assets) 17.2% 22.1% 15.9% 11.7% - 12.3% 13.1% 14%
Assets 1 14,550 15,933 18,137 19,612 - 19,764 20,870 21,706
Book Value Per Share 2 8.570 9.960 10.20 10.70 - 12.60 13.90 15.20
Cash Flow per Share 2 - 3.640 2.470 2.130 - 3.080 3.620 3.930
Capex 1 428 1,655 1,163 435 - 709 676 798
Capex / Sales 2.84% 9.52% 6.7% 2.26% - 3.2% 2.79% 3.1%
Announcement Date 20/02/20 19/02/21 18/02/22 20/02/23 16/02/24 - - -
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 Carabao Group

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
68.5 THB
Average target price
72.56 THB
Spread / Average Target
+5.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  4. Financials Carabao Group