CVPUF
CP ALL Public Company Limited
$1.15
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Fair Value
Trading 17.0% below fair value
You pay
$1.15
Bear
$1.16
Fair
$1.39
Bull
$1.62
Bear
$1.16
+0.5%
$0.09 × 13x P/E
Fair
$1.39
+20.5%
$0.09 × 15x P/E
Bull
$1.62
+40.6%
$0.09 × 18x P/E
Adjust Assumptions
15.0x
0.09$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
12.5x
Summary
Applying a 15x P/E to adjusted EPS of $0.09, the base-case value is $1.39 per share.
Warnings
The company pays out 153% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Financial statements were converted from THB into USD using USDTHB at 0.0298 USD per THB.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples