CP ALL Public Company Limited CPPCY

Consumer StaplesFood & Drug RetailingThailand

Last close 12.33 USD on Nov 1, 2026, −11.9% year to date

Quant rating

Quant rating B Rank 56 of 174 in Consumer Staples

Growth A 17 of 174
Valuation B 53 of 174
Quality B 27 of 174
Revisions C 90 of 174
Momentum D 136 of 174

Wall Street consensus Buy (1.60)Average target 1.82 USD −85.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.7B
Enterprise value: 29.5B
52-week range: 7.29 – 14.51
3-year range: 7.29 – 19.52
Dividend yield: 4.12%
Beta (5 years): –
Shares outstanding: 8,983M
Next earnings: Nov 10, 2026

About the company

CP All Public Company Limited is engaged in operating convenience stores, wholesale business, retail business and malls, payment centers and related supporting services. It operates convenience stores under the 7-Eleven trademark and franchises for other retailers in the territory of Thailand. Its segments are Convenience stores, Wholesale business, Retail business and malls, and Other businesses. Its business includes the convenience store retail business group, the wholesale and retail business group of consumer goods, financial services, production and distribution of bakeries, ready-to-eat food, frozen food, educational services, information services, marketing communication services and logistics management services. Its other businesses comprise bill payment services, banking agents, manufacturing and sale of ready-to-eat food, distribution and maintenance of retail equipment and other businesses that mainly support the convenience stores business.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	31,470	27,992	26,063	23,955	17,005	–
Revenue growth	12.4%	7.4%	8.8%	40.9%	−2.9%	12.4%
EPS (basic, normalized)	0.10	0.08	0.06	0.04	0.04	–
EPS growth	21.7%	46.8%	39.6%	−1.7%	–	–
Gross margin	22.7%	22.6%	21.9%	21.5%	21.3%	22.0%
Net margin	2.8%	2.6%	2.0%	1.5%	2.1%	2.2%
ROE	21.3%	21.3%	17.5%	13.0%	12.9%	17.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	997
Current ratio	0.55x
Long-term debt (mil)	11,005
Net debt (mil)	18,073
Total equity (mil)	4,253
Net debt / equity	4.25x
Net debt / EBITDA	6.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	31,470	+12.4%	0.9x	2,866	+16.7%	10.3x	0.10	+21.7%	123.4x
2026	30,854	−2.0%	1.0x	2,751	−4.0%	10.7x	0.10	+2.0%	121.0x
2027	32,235	+4.5%	0.9x	2,882	+4.7%	10.2x	0.11	+8.1%	111.9x
2028	33,543	+4.1%	0.9x	3,028	+5.1%	9.7x	0.12	+8.6%	103.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	30,854	+0.1%	−0.1%	+0.3%	0.10	+0.1%	−0.3%	+0.2%
2027	32,235	+0.1%	+0.1%	+0.1%	0.11	−0.4%	−1.3%	−0.8%
2028	33,543	0.0%	−0.3%	−0.3%	0.12	−0.6%	−1.2%	−1.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	241,307	240,948	234,044	249,691	245,798	248,865	242,599	284,880	259,355	257,098
Sales mean (mil)	232,079	240,571	234,349	249,036	246,517	250,038	244,463	255,382	254,870	256,958
Surprise	+4.0%	+0.2%	−0.1%	+0.3%	−0.3%	−0.5%	−0.8%	+11.6%	+1.8%	+0.1%
EPS reported	0.69	0.68	0.61	0.79	0.83	0.74	0.73	0.80	1.01	0.83
EPS mean	0.53	0.61	0.54	0.69	0.77	0.76	0.75	0.79	0.89	0.84
Surprise	+29.9%	+11.7%	+13.1%	+14.2%	+8.2%	−2.4%	−2.3%	+1.8%	+13.2%	−1.4%

Peer comparison Food & Drug Retailing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CPPCY CP ALL Public Company Limited	11.7B	6.31x	2.8%	2.76x	121.0x	111.9x	10.7x	10.2x
JRONY Jeronimo Martins SGPS SA	13.0B	1.90x	1.8%	3.71x	14.9x	13.4x	6.1x	5.6x
SRGHY Shoprite Holdings Ltd	12.2B	–	–	–	–	–	–	–
MAKSY Marks and Spencer Group PLC	11.5B	–	–	–	13.0x	11.9x	–	–
KKOYY Kesko Oyj	11.3B	2.82x	3.2%	3.60x	10.8x	9.3x	10.3x	9.1x
CRRFY Carrefour SA	10.7B	–	–	–	7.9x	7.2x	–	–
Mean		3.67x	2.6%	3.36x	33.5x	30.8x	9.0x	8.3x
Median		2.82x	2.8%	3.60x	13.0x	11.9x	10.3x	9.1x

Technical analysis

1M−11.5%
3M−6.3%
1Y−13.6%
3Y−23.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CP ALL Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	31,470	27,992	26,063	23,955	17,005	17,506
Cost of revenue	24,318	21,672	20,350	18,812	13,385	13,678
Gross profit	7,151	6,320	5,714	5,143	3,620	3,828
Selling, general & administrative expenses	6,457	5,680	5,238	4,779	3,517	3,590
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−14.9	−19.0	−23.7	−7.9	−16.1	−12.7
Unusual expense (income)	–	–	–	0	−26.3	–
Other operating expenses	−982	−822	−730	−671	−620	−677
Operating income	1,691	1,480	1,230	1,043	766	927
Net interest income (expense)	−455	−433	−460	−462	−387	−286
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,236	1,048	770	580	378	641
Provision for taxes	224	186	134	112	15.8	91.9
Minority interest	−117	−122	−98.1	−85.2	28.1	−13.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	896	740	538	383	391	536
Extraordinary items	–	–	–	–	–	–
Net income	896	740	538	383	391	536
EBIT, normalized	1,689	1,481	1,214	1,037	944	914
EBITDA, normalized	2,823	2,507	2,224	2,033	1,658	1,602
Basic EPS, normalized	0.10	0.08	0.06	0.04	0.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CP ALL Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,701	1,595	1,960	2,077	2,923	1,352
Receivables	782	613	545	538	514	294
Total inventory	2,355	1,788	1,674	1,681	1,521	1,057
Prepaid expenses	–	–	–	–	–	–
Other current assets	7.2	7.8	7.2	7.2	30.7	7.4
Total current assets	4,846	4,003	4,186	4,304	4,989	2,711
Property, plant & equipment	10,340	9,072	8,743	8,542	8,691	5,761
Goodwill	11,552	10,527	10,499	10,420	10,853	4,264
Intangibles	1,735	1,571	1,584	1,555	1,538	1,721
Long-term investments	2,500	2,206	1,785	1,736	1,815	2,860
Note receivable	40.9	23.1	1.7	1.4	6.7	5.7
Other long-term assets	206	155	173	141	151	98.5
Total assets	31,220	27,558	26,972	26,699	28,044	17,422
Liabilities
Accounts payable	4,270	3,745	3,729	3,351	3,216	2,423
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	428	430	391	258
Short-term debt	570	276	276	487	1,285	35.2
Current portion of long-term debt	1,841	1,639	1,872	1,045	882	906
Other current liabilities	1,279	1,124	630	682	693	481
Total current liabilities	7,960	6,783	6,934	5,994	6,467	4,104
Long-term debt	11,641	10,479	10,298	11,380	11,745	8,811
Minority interest	6,144	5,626	5,549	5,478	5,678	494
Other liabilities	1,088	967	959	937	1,021	792
Total liabilities	26,832	23,855	23,741	23,789	24,910	14,201
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	285	262	262	260	270	299
Additional paid-in capital	53.5	49.2	49.0	48.7	50.7	56.1
Retained earnings (accumulated deficit)	3,880	3,124	2,676	2,329	2,213	2,256
Treasury stock	−107	–	–	–	–	–
Other equity	277	268	245	273	600	610
Total equity	4,388	3,703	3,231	2,910	3,134	3,221
Total liabilities & shareholders' equity	31,220	27,558	26,972	26,699	28,044	17,422

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CP ALL Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,013	861	636	469	363	549
Depreciation, depletion & amortization	1,134	1,026	1,010	996	714	687
Deferred taxes	–	–	–	–	–	–
Non-cash items	793	685	655	632	456	390
Changes in working capital	−580	−350	237	−77.7	−139	−324
Cash from operations	2,359	2,223	2,538	2,019	1,394	1,303
Investing activities
Capital expenditures	−876	−753	−825	−874	−532	−579
Other investing cash flows	−300	−91.6	8.0	−7.2	469	−2,664
Cash from investing	−1,176	−845	−817	−881	−63.1	−3,242
Financing activities
Financing cash flow items	−458	−432	−535	−335	−178	−272
Cash dividends paid	−385	−262	−196	−156	−243	−374
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−376	−1,054	−1,102	−1,367	647	2,941
Cash from financing	−1,219	−1,749	−1,834	−1,858	226	2,296
Foreign exchange effects	−8.7	1.9	−9.0	1.3	0.8	0.8
Net change in cash	−44.7	−368	−122	−719	1,558	357
Free cash flow	1,483	1,470	1,713	1,145	862	724

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.