Financials Central Retail Corporation

Equities

CRC

TH9597010007

Department Stores

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-04-25 EDT			5-day change	1st Jan Change
34 ^THB	0.00%		+1.49%	-17.07%

04-25	Central Retail Corporation Public Company Limited Announces Changes in Audit Committee	CI
04-25	Central Retail Corporation Public Company Limited Approves Appointment Of Sukulaya Uahwatanasakul as New Director	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	185,453	192,992	278,934	247,271	205,054	-	-
Enterprise Value (EV) ¹	289,641	252,471	345,513	247,271	289,045	290,257	293,684
P/E ratio	3,075 x	3,200 x	38.9 x	30.8 x	22.2 x	19.4 x	17.2 x
Yield	1.3%	0.94%	1.04%	-	1.8%	2.02%	2.38%
Capitalization / Revenue	0.95 x	0.99 x	1.27 x	1.07 x	0.8 x	0.73 x	0.67 x
EV / Revenue	1.49 x	1.29 x	1.57 x	1.07 x	1.12 x	1.04 x	0.95 x
EV / EBITDA	15.4 x	12.8 x	11.8 x	7.86 x	8.35 x	7.79 x	7.36 x
EV / FCF	74.2 x	16.2 x	42.8 x	-	42.5 x	25.5 x	24.2 x
FCF Yield	1.35%	6.16%	2.33%	-	2.35%	3.91%	4.13%
Price to Book	3.47 x	3.42 x	4.49 x	-	2.87 x	2.59 x	2.39 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	34.00	34.00	34.00
Announcement Date	21-03-01	22-02-25	23-02-28	24-02-29	-	-	-

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	257,189	279,160	307,870
EBITDA ¹	25,172	18,833	19,780	29,229	31,446	34,613	37,282	39,881
EBIT ¹	15,298	2,275	2,739	12,058	13,426	15,679	17,351	19,289
Operating Margin	6.87%	1.17%	1.4%	5.48%	5.8%	6.1%	6.22%	6.27%
Earnings before Tax (EBT) ¹	14,855	-543.1	-95.02	9,399	10,072	11,738	13,440	15,109
Net income ¹	10,633	46.27	59.37	7,175	8,016	9,242	10,560	12,052
Net margin	4.77%	0.02%	0.03%	3.26%	3.46%	3.59%	3.78%	3.91%
EPS ²	2.260	0.0100	0.0100	1.190	1.330	1.530	1.749	1.976
Free Cash Flow ¹	-	3,902	15,546	8,064	-	6,805	11,362	12,144
FCF margin	-	2.01%	7.95%	3.67%	-	2.65%	4.07%	3.94%
FCF Conversion (EBITDA)	-	20.72%	78.59%	27.59%	-	19.66%	30.48%	30.45%
FCF Conversion (Net income)	-	8,433.7%	26,184.59%	112.4%	-	73.63%	107.59%	100.76%
Dividend per Share ²	0.1600	0.4000	0.3000	0.4800	-	0.6134	0.6871	0.8107
Announcement Date	20-02-27	21-03-01	22-02-25	23-02-28	24-02-29	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	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
Net sales	95,661	95,407	41,482	58,765	-	56,274	56,826	113,100	57,998	60,085	58,960	55,853	114,813	55,522	61,103	-	-	-	-	-
EBITDA	6,947	-	2,541	7,877	-	6,622	6,768	13,255	7,017	9,188	8,179	-	-	7,415	9,211	-	-	-	-	-
EBIT	-978.1	1,305	-1,770	3,330	-	2,455	2,545	4,865	2,629	4,796	3,932	2,866	6,499	2,894	4,525	-	-	-	-	-
Operating Margin	-1.02%	1.37%	-4.27%	5.67%	-	4.36%	4.48%	4.3%	4.53%	7.98%	6.67%	5.13%	5.66%	5.21%	7.41%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-2,559	2,677	-	1,680	1,861	3,541	1,761	4,098	-	-	-	1,678	3,422	-	-	-	-	-
Net income ¹	-1,848	-70.08	-2,241	2,371	129.4	1,204	1,486	2,690	1,173	3,311	2,168	1,567	3,735	1,143	3,138	2,427	1,870	-	-	-
Net margin	-1.93%	-0.07%	-5.4%	4.03%	-	2.14%	2.62%	2.38%	2.02%	5.51%	3.68%	2.81%	3.25%	2.06%	5.14%	-	-	-	-	-
EPS	-0.3300	-	-0.3700	0.3900	-	0.2000	0.2500	0.4500	0.1900	0.5500	0.3600	0.2600	0.6200	0.1900	0.5200	-	-	-	-	-
Dividend per Share ²	-	-	-	0.3000	-	-	-	-	-	0.4800	-	-	-	-	-	-	-	-	0.8677	-
Announcement Date	20-08-14	21-08-13	21-11-11	22-02-25	22-02-25	22-05-11	22-08-15	22-08-15	22-11-14	23-02-28	23-05-15	23-08-15	23-08-15	23-11-13	24-02-29	-	-	-	-	-

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	-	83,991	85,203	88,630
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.966 x	5.532 x	3.007 x	2.278 x	-	2.427 x	2.285 x	2.222 x
Free Cash Flow ¹	-	3,902	15,546	8,064	-	6,805	11,362	12,144
ROE (net income / shareholders' equity)	25.4%	0.12%	0.11%	12.1%	-	13.4%	14.3%	15.2%
ROA (Net income/ Total Assets)	5.84%	0.02%	0.02%	2.66%	-	3.21%	3.58%	4.03%
Assets ¹	182,189	211,261	251,567	269,605	-	287,970	294,969	299,438
Book Value Per Share ²	6.010	8.850	9.350	10.30	-	11.80	13.10	14.20
Cash Flow per Share ²	3.910	2.040	3.870	3.720	-	4.650	5.100	5.520
Capex ¹	9,670	8,059	7,815	14,395	-	22,461	21,610	20,573
Capex / Sales	4.34%	4.15%	3.99%	6.55%	-	8.73%	7.74%	6.68%
Announcement Date	20-02-27	21-03-01	22-02-25	23-02-28	24-02-29	-	-	-

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

34 THB

Average target price

44.88 THB

Spread / Average Target

+32.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

	1st Jan change	Capi.
CENTRAL RETAIL CORPORATION	-17.07%	5.54B
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FIVE BELOW, INC.	-29.59%	8.29B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+15.03%	6.37B
RYOHIN KEIKAKU CO., LTD.	+4.90%	4.16B
WOOLWORTHS HOLDINGS LIMITED	-19.25%	2.8B
BERLI JUCKER	-0.80%	2.68B
MAGAZINE LUIZA S.A.	-33.80%	2.05B
IZUMI CO., LTD.	+0.28%	1.65B

Other Department Stores