Carabao Group Public Company Limited

SET:CBG Stock Report

Market Cap: ฿78.3b

Carabao Group Valuation

Is CBG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CBG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CBG (THB79) is trading above our estimate of fair value (THB75.64)

Significantly Below Fair Value: CBG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CBG?

Key metric: As CBG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CBG. This is calculated by dividing CBG's market cap by their current earnings.
What is CBG's PE Ratio?
PE Ratio29.2x
Earnings฿2.71b
Market Cap฿78.25b

Price to Earnings Ratio vs Peers

How does CBG's PE Ratio compare to its peers?

The above table shows the PE ratio for CBG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.2x
OSP Osotspa
41.9x26.3%฿63.4b
SSC Sermsuk
40.2xn/a฿16.6b
HTC Haad Thip
11.1xn/a฿6.6b
TFMAMA Thai President Foods
15.4xn/a฿65.9b
CBG Carabao Group
29.2x10.0%฿78.3b

Price-To-Earnings vs Peers: CBG is expensive based on its Price-To-Earnings Ratio (29.2x) compared to the peer average (27.2x).

Price to Earnings Ratio vs Industry

How does CBG's PE Ratio compare vs other companies in the Asian Beverage Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CBG 29.2xIndustry Avg. 18.7xNo. of Companies26PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CBG is expensive based on its Price-To-Earnings Ratio (29.2x) compared to the Asian Beverage industry average (18.7x).

Price to Earnings Ratio vs Fair Ratio

What is CBG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CBG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.2x
Fair PE Ratio18.3x

Price-To-Earnings vs Fair Ratio: CBG is expensive based on its Price-To-Earnings Ratio (29.2x) compared to the estimated Fair Price-To-Earnings Ratio (18.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CBG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿79.00
฿85.35
+8.0%
11.3%฿95.00฿60.00n/a12
Nov ’25฿79.50
฿82.08
+3.2%
10.6%฿95.00฿60.00n/a12
Oct ’25฿79.75
฿80.17
+0.5%
9.5%฿88.00฿60.00n/a12
Sep ’25฿68.75
฿77.08
+12.1%
9.9%฿85.00฿60.00n/a12
Aug ’25฿65.75
฿77.83
+18.4%
7.3%฿85.00฿67.00n/a12
Jul ’25฿66.50
฿77.50
+16.5%
7.2%฿85.00฿67.00n/a12
Jun ’25฿70.25
฿77.25
+10.0%
7.1%฿85.00฿67.00n/a12
May ’25฿68.50
฿72.56
+5.9%
9.9%฿84.00฿60.00n/a12
Apr ’25฿63.00
฿73.06
+16.0%
9.8%฿84.00฿60.00n/a13
Mar ’25฿68.50
฿82.32
+20.2%
12.2%฿100.00฿67.00n/a13
Feb ’25฿75.00
฿84.51
+12.7%
11.9%฿100.00฿69.00n/a12
Jan ’25฿82.50
฿84.51
+2.4%
11.9%฿100.00฿69.00n/a12
Dec ’24฿82.00
฿84.51
+3.1%
11.9%฿100.00฿69.00n/a12
Nov ’24฿70.75
฿83.21
+17.6%
11.9%฿98.30฿66.00฿79.5011
Oct ’24฿82.00
฿84.03
+2.5%
13.3%฿98.30฿59.00฿79.7511
Sep ’24฿85.75
฿84.03
-2.0%
13.3%฿98.30฿59.00฿68.7511
Aug ’24฿72.75
฿70.50
-3.1%
11.1%฿82.00฿59.00฿65.7510
Jul ’24฿65.50
฿70.50
+7.6%
11.1%฿82.00฿59.00฿66.5010
Jun ’24฿65.00
฿75.20
+15.7%
17.4%฿108.00฿63.00฿70.2510
May ’24฿71.50
฿86.48
+20.9%
13.5%฿108.00฿68.75฿68.5010
Apr ’24฿95.75
฿100.00
+4.4%
13.7%฿115.00฿72.00฿63.009
Mar ’24฿101.50
฿99.56
-1.9%
15.2%฿118.00฿72.00฿68.509
Feb ’24฿103.50
฿101.60
-1.8%
12.4%฿118.00฿78.00฿75.0010
Jan ’24฿96.75
฿103.41
+6.9%
15.3%฿138.00฿78.00฿82.5011
Dec ’23฿95.50
฿104.75
+9.7%
14.4%฿138.00฿80.00฿82.0010
Nov ’23฿91.50
฿110.08
+20.3%
13.0%฿138.00฿87.00฿70.7512

Analyst Forecast: Target price is less than 20% higher than the current share price.

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