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CP Axtra Public Company (CPAXT) Fair Value & Analysis

Consumer Defensive · TH · Market cap 155B THB

CA CP Axtra Public Company CPAXT · BK
Price15.00 THB
Fair Value17.04 THB
Upside+13.6%
Quality51/100
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Mixed Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
4.77% dividend yield
Mixed vs. peers (7/15)
Narrow moat 30/100
Evidence: High Range 11.69 THB – 22.43 THB Share as image

Fair value as of: Jul 17, 2026

From 25 valuation models · updated 23 days ago

Share price +2.0% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • A fairly wide model range (11.69 THB to 22.43 THB) leaves room in how you read the outcome.
  • Our model range runs from 11.69 THB (bear) to 22.43 THB (bull), base 17.04 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (22 months)

33.26 THB 13.53 THB Fair Value 17.04 THB Oct 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

22‑month range 13.53 THB – 33.26 THB · fair‑value band 11.69 THB – 22.43 THB · the 15.00 THB price screens below the 17.04 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

CP Axtra Public Company (CPAXT) currently trades at 15.00 THB, while our model-based Fair Value estimate is 17.04 THB, implying the stock looks roughly 13.6% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, CP Axtra Public Company generated revenue of 524B THB at a net margin of 1.8%. Revenue grew 4.7% year over year. It earns a return on equity of 3.1%. Net debt stands at 98.3B THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 11.69 THB (bear case) to 22.43 THB (bull case); at 15.00 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -40% fair-value upside, at 14%, CPAXT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 2.61 THB 7.11 THB 80
Residual Income 21.07 THB 20.81 THB 18.04 THB 76
ROIC Compounder 5.89 THB 7.91 THB 9.68 THB 72
All 25 models by family
DCF Models
FCF DCF 3.03 THB 8.61 THB 38
Owner Earnings 5.98 THB 13.53 THB 25.46 THB 31
5Y Revenue Exit 5.01 THB 13.82 THB 25.43 THB 39
5Y EBITDA Exit 14.68 THB 32.36 THB 53.70 THB 41
5Y P/E Exit 4.09 THB 12.04 THB 20.64 THB 38
10Y Revenue Exit 2.53 THB 10.16 THB 21.07 THB 36
10Y EBITDA Exit 9.22 THB 23.21 THB 43.17 THB 37
10Y P/E Exit 2.40 THB 8.90 THB 17.32 THB 35
Earnings-Based
Graham-Dodd 6.10 THB 21.39 THB 28.77 THB 54
Lynch FV 4.99 THB 7.12 THB 9.26 THB 50
PEG = 1.0 4.99 THB 7.12 THB 9.26 THB 46
EPV 5.89 THB 7.91 THB 9.68 THB 59
Dividend Discount
Gordon GGM 6.52 THB 13.55 THB 21.50 THB 70
DDM Multi-Stage 6.52 THB 11.40 THB 14.23 THB 61
Multiples
P/E Multiple 14.13 THB 18.84 THB 23.55 THB 63
P/S Multiple 11.44 THB 15.25 THB 19.07 THB 58
P/B Multiple 11.44 THB 15.25 THB 19.07 THB 55
EV/EBIT 14.30 THB 21.15 THB 27.99 THB 53
EV/EBITDA 25.80 THB 36.48 THB 47.15 THB 54
EV/Revenue 8.43 THB 14.71 THB 20.99 THB 43
Asset-Based
NCAV (Graham) 14.36 THB 19.24 THB 28.72 THB 50
Growth DCF
Growth DCF 2.61 THB 7.11 THB 80
Economic Profit
Residual Income 21.07 THB 20.81 THB 18.04 THB 76
ROIC Compounder 5.89 THB 7.91 THB 9.68 THB 72
Growth Earnings
Growth-Adj P/E 12.20 THB 17.42 THB 22.65 THB 68

Widest divergence: Asset-Based (19.24 THB) versus Growth DCF (2.61 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 524B THB
Revenue growth (YoY) +4.7%
Net margin 1.8%
Return on equity 3.1%
Free cash flow 5.1B THB FY2025
P/E ratio 16.6
More key figures
Operating margin 3.4%
EPS (TTM) 0.9000 THB
Dividend yield 4.8%
EPS growth (YoY) +5.7%
Net debt 98.3B THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 42

Profitability 32
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 84
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CP Axtra Public Company Limited engages in the wholesale and retail businesses of food and non-food products in Thailand, Malaysia, and internationally. The company operates through the Wholesale and the Retail and Mall segments.

Full company description

CP Axtra Public Company Limited engages in the wholesale and retail businesses of food and non-food products in Thailand, Malaysia, and internationally. The company operates through the Wholesale and the Retail and Mall segments. It offers general consumer goods, including fresh food, dry goods, and non-food products under the Makro brand name through its online platform and wholesale stores. The company is also involved in the import and trade of food products; warehouse management; investment in commercial space management; production of raw and cooked protein products, dairy products, and other food related products; building rental and integrated logistics services; and operation of restaurants. In addition, it provides freight, delivery rental, and storage services, as well as technical and supporting services. The company was formerly known as Siam Makro Public Company Limited and changed its name to CP Axtra Public Company Limited in June 2023. The company was incorporated in 1988 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CP Axtra Public Company reported revenue of 518B THB in FY2025 versus 265B THB in FY2021, a compound +18.2%/yr. Reported net income was 9.4B THB in FY2025, compounding −8.4%/yr from FY2021.

Growth Quality 51/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
518B THB
Latest YoY
+1.8%
Avg. growth/yr (3Y)
+3.6%
Revenue +18.2%/yr
FY21 265B THB
FY22 466B THB
FY23 486B THB
FY24 509B THB
FY25 518B THB
Net income −8.4%/yr
FY21 13.3B THB
FY22 7.7B THB
FY23 8.6B THB
FY24 10.6B THB
FY25 9.4B THB

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Cite: Fair Value Calculator (2026). "CP Axtra Public Company Fair Value". https://www.fairvalue-calculator.com/stock/CPAXT

Peer Group

Food Distribution · 77 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside +14% · Above median
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Above median
Revenue growth 5% · Above median
Dividend yield (TTM) 4.8% · Top 25%
Debt / equity 0.27× · Higher than median

Valuation Multiples vs Food Distribution median · lower = cheaper

P/E (TTM) 16.6× · Pricier than median
P/B 0.52× · Cheaper than median
P/S (TTM) 0.30× · Cheaper than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 7.9× · Pricier than median
PEG 1.98× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 51 · sector 21
FUTURE 24 · sector 14
PAST 12 · sector 36
HEALTH 87 · sector 94
DIVIDEND 95 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Food Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Sysco Corporation SYY $81.69 $60.58 -26%
US Foods Holding USFD $99.13 $55.10 -44%
Performance Food Group PFGC $113.17 $37.94 -66%
Jerónimo Martins, SGPS, S.A JMT €17.68 €21.59 +22%
The Chefs' Warehouse, Inc CHEF $95.79 $37.27 -61%
Olam Group VC2 1.33 SGD 2.12 SGD +59%
United Natural Foods, Inc UNFI $50.19 $6.00 -88%
The Andersons, Inc ANDE $79.24 $47.78 -40%
Metcash Limited MTS A$2.92 A$5.33 +83%
Zhejiang Dongri Limited 600113 ¥31.11 ¥6.75 -78%

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Frequently asked questions

Is CP Axtra Public Company (CPAXT) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 17.04 THB versus a price of 15.00 THB, about +14% (undervalued).
What is the fair value of CPAXT?
Our model-based fair value for CP Axtra Public Company is 17.04 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 15.00 THB.
What is the quality score of CPAXT?
CP Axtra Public Company has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CP Axtra Public Company (CPAXT)?
CP Axtra Public Company reported trailing-twelve-month revenue of about 524B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of CPAXT?
The net profit margin of CP Axtra Public Company is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does CP Axtra Public Company pay a dividend?
CP Axtra Public Company currently shows a dividend yield of about 4.77% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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