Financials Central Retail Corporation Thailand S.E.

Equities

CRC-R

TH9597010R14

Department Stores

End-of-day quote Thailand S.E. Other stock markets 23:00:00 03/06/2024 BST			5-day change	1st Jan Change
30.75 ^THB	+0.82%		-4.65%	-25.00%

05-13	Central Retail Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-25	Central Retail Corporation Public Company Limited Announces Changes in Audit Committee	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	185,453	192,992	278,934	247,271	185,453	-	-
Enterprise Value (EV) ¹	289,641	252,471	345,513	310,031	244,725	268,844	272,192
P/E ratio	3,075 x	3,200 x	38.9 x	30.8 x	20.6 x	17.7 x	15.6 x
Yield	1.3%	0.94%	1.04%	1.34%	1.87%	2.15%	2.48%
Capitalization / Revenue	0.95 x	0.99 x	1.27 x	1.07 x	0.73 x	0.68 x	0.63 x
EV / Revenue	1.49 x	1.29 x	1.57 x	1.34 x	0.97 x	0.99 x	0.92 x
EV / EBITDA	15.4 x	12.8 x	11.8 x	9.86 x	7.18 x	7.37 x	7.05 x
EV / FCF	74.2 x	16.2 x	42.8 x	27.5 x	34.6 x	24.9 x	24.8 x
FCF Yield	1.35%	6.16%	2.33%	3.63%	2.89%	4.02%	4.03%
Price to Book	3.47 x	3.42 x	4.49 x	3.69 x	2.51 x	2.29 x	2.1 x
Nbr of stocks (in thousands)	6,031,000	6,031,000	6,031,000	6,031,000	6,031,000	-	-
Reference price ²	30.75	32.00	46.25	41.00	30.75	30.75	30.75
Announcement Date	01/03/21	25/02/22	28/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	222,737	194,311	195,654	219,898	231,438	253,036	272,004	294,615
EBITDA ¹	25,172	18,833	19,780	29,229	31,446	34,063	36,485	38,595
EBIT ¹	15,298	2,275	2,739	12,058	13,426	15,608	17,064	18,743
Operating Margin	6.87%	1.17%	1.4%	5.48%	5.8%	6.17%	6.27%	6.36%
Earnings before Tax (EBT) ¹	14,855	-543.1	-95.02	9,399	10,072	11,659	13,354	15,269
Net income ¹	10,633	46.27	59.37	7,175	8,016	9,139	10,482	11,992
Net margin	4.77%	0.02%	0.03%	3.26%	3.46%	3.61%	3.85%	4.07%
EPS ²	2.260	0.0100	0.0100	1.190	1.330	1.494	1.735	1.977
Free Cash Flow ¹	-	3,902	15,546	8,064	11,254	7,078	10,810	10,971
FCF margin	-	2.01%	7.95%	3.67%	4.86%	2.8%	3.97%	3.72%
FCF Conversion (EBITDA)	-	20.72%	78.59%	27.59%	35.79%	20.78%	29.63%	28.42%
FCF Conversion (Net income)	-	8,433.7%	26,184.59%	112.4%	140.39%	77.45%	103.13%	91.48%
Dividend per Share ²	0.1600	0.4000	0.3000	0.4800	0.5500	0.5752	0.6626	0.7614
Announcement Date	27/02/20	01/03/21	25/02/22	28/02/23	29/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2021 S2	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	95,661	95,407	58,765	-	56,274	56,826	113,100	57,998	60,085	58,960	55,853	114,813	55,522	61,103	62,763	-	-	-	-	-
EBITDA	6,947	-	7,877	-	6,622	6,768	13,255	7,017	9,188	8,179	-	-	7,415	9,211	8,629	-	-	-	-	-
EBIT	-978.1	1,305	3,330	-	2,455	2,545	4,865	2,629	4,796	3,932	2,866	6,499	2,894	4,525	4,130	-	-	-	-	-
Operating Margin	-1.02%	1.37%	5.67%	-	4.36%	4.48%	4.3%	4.53%	7.98%	6.67%	5.13%	5.66%	5.21%	7.41%	6.58%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	2,677	-	1,680	1,861	3,541	1,761	4,098	-	-	-	1,678	3,422	2,990	-	-	-	-	-
Net income ¹	-1,848	-70.08	2,371	129.4	1,204	1,486	2,690	1,173	3,311	2,168	1,567	3,735	1,143	3,138	2,171	1,974	1,751	3,763	-	-
Net margin	-1.93%	-0.07%	4.03%	-	2.14%	2.62%	2.38%	2.02%	5.51%	3.68%	2.81%	3.25%	2.06%	5.14%	3.46%	-	-	-	-	-
EPS ²	-0.3300	-	0.3900	-	0.2000	0.2500	0.4500	0.1900	0.5500	0.3600	0.2600	0.6200	0.1900	0.5200	0.3600	0.3387	0.2904	0.6240	-	-
Dividend per Share ²	-	-	0.3000	-	-	-	-	-	0.4800	-	-	-	-	0.5500	-	-	-	0.5316	-	-
Announcement Date	14/08/20	13/08/21	25/02/22	25/02/22	11/05/22	15/08/22	15/08/22	14/11/22	28/02/23	15/05/23	15/08/23	15/08/23	13/11/23	29/02/24	13/05/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,479	104,187	59,479	66,579	62,760	59,272	83,391	86,739
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.966 x	5.532 x	3.007 x	2.278 x	1.996 x	1.74 x	2.286 x	2.247 x
Free Cash Flow ¹	-	3,902	15,546	8,064	11,254	7,078	10,810	10,971
ROE (net income / shareholders' equity)	25.4%	0.12%	0.11%	12.1%	12.4%	13%	13.9%	14.6%
ROA (Net income/ Total Assets)	5.84%	0.02%	0.02%	2.66%	2.85%	3%	3.55%	3.87%
Assets ¹	182,189	211,261	251,567	269,605	281,541	304,849	295,327	309,850
Book Value Per Share ²	6.010	8.850	9.350	10.30	11.10	12.30	13.40	14.70
Cash Flow per Share ²	3.910	2.040	3.870	3.720	4.560	4.680	5.090	5.430
Capex ¹	9,670	8,059	7,815	14,395	16,229	22,266	21,382	21,594
Capex / Sales	4.34%	4.15%	3.99%	6.55%	7.01%	8.8%	7.86%	7.33%
Announcement Date	27/02/20	01/03/21	25/02/22	28/02/23	29/02/24	-	-	-

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 Central Retail Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.75 THB

Average target price

43.16 THB

Spread / Average Target

+40.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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