CTT-CORREIOS DE PORTUGAL, S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4.465 EUR | +0.45% |
|
-0.11% | +27.94% |
| Mar. 20 | Transcript : CTT - Correios De Portugal, S.A., 2023 Earnings Call, Mar 20, 2024 | |
| Mar. 20 | CTT - Correios De Portugal, S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 478.5 | 352.5 | 676.4 | 438.6 | 492.7 | 622.9 | - | - |
| Enterprise Value (EV) 1 | 538.5 | 423.9 | 735.3 | 468.4 | 492.7 | 520.9 | 492.4 | 448.9 |
| P/E ratio | 16.8 x | 21.4 x | 17.5 x | 12.3 x | 8.12 x | 15.1 x | 11.6 x | 10.6 x |
| Yield | 3.13% | 3.62% | 2.63% | 4.06% | - | 3.79% | 3.43% | 4.14% |
| Capitalization / Revenue | 0.65 x | 0.47 x | 0.8 x | 0.48 x | 0.5 x | 0.63 x | 0.59 x | 0.57 x |
| EV / Revenue | 0.73 x | 0.57 x | 0.87 x | 0.52 x | 0.5 x | 0.52 x | 0.47 x | 0.41 x |
| EV / EBITDA | 5.31 x | 4.68 x | 6.23 x | 3.62 x | 3.24 x | 3.52 x | 2.98 x | 2.59 x |
| EV / FCF | 16.7 x | 19.4 x | 16.2 x | 6.95 x | - | 7.99 x | 6.71 x | 5.6 x |
| FCF Yield | 6% | 5.14% | 6.16% | 14.4% | - | 12.5% | 14.9% | 17.9% |
| Price to Book | 3.19 x | 2.35 x | 3.89 x | 2.02 x | - | 2.29 x | - | - |
| Nbr of stocks (in thousands) | 150,000 | 150,000 | 148,500 | 142,415 | 141,184 | 139,506 | - | - |
| Reference price 2 | 3.190 | 2.350 | 4.555 | 3.080 | 3.490 | 4.465 | 4.465 | 4.465 |
| Announcement Date | 3/15/20 | 3/16/21 | 3/16/22 | 3/16/23 | 3/20/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 740.3 | 745.2 | 847.9 | 906.6 | 985.2 | 994.2 | 1,050 | 1,088 |
| EBITDA 1 | 101.5 | 90.5 | 118.1 | 129.3 | 151.9 | 148.1 | 165.5 | 173.5 |
| EBIT 1 | 65.5 | 41.5 | 60.1 | 64.5 | 87.55 | 81.15 | 98 | 106.5 |
| Operating Margin | 8.85% | 5.57% | 7.09% | 7.11% | 8.89% | 8.16% | 9.33% | 9.79% |
| Earnings before Tax (EBT) 1 | 35.5 | 23.1 | 50.8 | 46.71 | 61.54 | 61.86 | 80 | 84 |
| Net income 1 | 29.2 | 16.7 | 38.4 | 36.41 | 60.51 | 42.9 | 52 | 57.5 |
| Net margin | 3.94% | 2.24% | 4.53% | 4.02% | 6.14% | 4.32% | 4.95% | 5.28% |
| EPS 2 | 0.1900 | 0.1100 | 0.2600 | 0.2500 | 0.4300 | 0.2963 | 0.3850 | 0.4200 |
| Free Cash Flow 1 | 32.3 | 21.8 | 45.3 | 67.4 | - | 65.2 | 73.4 | 80.2 |
| FCF margin | 4.36% | 2.93% | 5.34% | 7.43% | - | 6.56% | 6.99% | 7.37% |
| FCF Conversion (EBITDA) | 31.82% | 24.09% | 38.36% | 52.13% | - | 44.03% | 44.35% | 46.22% |
| FCF Conversion (Net income) | 110.62% | 130.54% | 117.97% | 185.13% | - | 151.99% | 141.15% | 139.48% |
| Dividend per Share 2 | 0.1000 | 0.0850 | 0.1200 | 0.1250 | - | 0.1691 | 0.1533 | 0.1850 |
| Announcement Date | 3/15/20 | 3/16/21 | 3/16/22 | 3/16/23 | 3/20/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 349.2 | 412.8 | 200.1 | 235 | 234.7 | 211.7 | 446.4 | 216.4 | 243.8 | 241.8 | 238.6 | 235 | - | 237 |
| EBITDA 1 | 46.7 | 57.31 | 25.6 | 35.2 | 22.05 | 28.4 | 50.4 | 36.4 | 42.5 | 40.8 | 39.2 | 35.5 | 36.3 | 32 |
| EBIT | 4.9 | 28.69 | 14.5 | 20.4 | 6.667 | 12 | 18.6 | 20.1 | 25.8 | 25.7 | 22.7 | 19.7 | - | - |
| Operating Margin | 1.4% | 6.95% | 7.25% | 8.68% | 2.84% | 5.67% | 4.17% | 9.29% | 10.58% | 10.63% | 9.51% | 8.38% | - | - |
| Earnings before Tax (EBT) 1 | -1 | 25.66 | 11.8 | 13.4 | 7.239 | 8.8 | 16 | 19.84 | 10.81 | 21.84 | 10.3 | 13.31 | 16.09 | 6 |
| Net income 1 | -2 | 17.19 | 9.1 | 12.1 | 5.389 | 9.2 | 14.5 | 13.76 | 8.101 | 16.14 | 9.914 | 9.479 | 24.98 | 3 |
| Net margin | -0.57% | 4.16% | 4.55% | 5.15% | 2.3% | 4.35% | 3.25% | 6.36% | 3.32% | 6.67% | 4.15% | 4.03% | - | 1.27% |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/5/20 | 8/5/21 | 11/4/21 | 3/16/22 | 5/5/22 | 7/27/22 | 7/27/22 | 11/4/22 | 3/16/23 | 5/4/23 | 7/27/23 | 11/3/23 | 3/20/24 | - |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 60 | 71.4 | 58.9 | 29.8 | - | - | - | - |
| Net Cash position 1 | - | - | - | - | - | 102 | 131 | 174 |
| Leverage (Debt/EBITDA) | 0.5911 x | 0.789 x | 0.4987 x | 0.2305 x | - | - | - | - |
| Free Cash Flow 1 | 32.3 | 21.8 | 45.3 | 67.4 | - | 65.2 | 73.4 | 80.2 |
| ROE (net income / shareholders' equity) | 21.8% | 11.9% | 23.7% | 18.3% | - | 16.1% | 17.9% | 18.1% |
| ROA (Net income/ Total Assets) | - | - | 1.19% | 0.95% | - | 0.8% | 1.1% | 1.1% |
| Assets 1 | - | - | 3,240 | 3,820 | - | 5,362 | 4,727 | 5,227 |
| Book Value Per Share 2 | 1.000 | 1.000 | 1.170 | 1.520 | - | 1.950 | - | - |
| Cash Flow per Share 2 | 2.040 | 1.890 | 0.3600 | 1.090 | - | 0.7800 | - | - |
| Capex 1 | 45.4 | 33.4 | 36.1 | 37 | - | 41 | 34 | 43 |
| Capex / Sales | 6.13% | 4.48% | 4.26% | 4.08% | - | 4.12% | 3.24% | 3.95% |
| Announcement Date | 3/15/20 | 3/16/21 | 3/16/22 | 3/16/23 | 3/20/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
4.465
EUR
Average target price
5.54
EUR
Spread / Average Target
+24.08%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +27.94% | 665M | |
| -10.05% | 24.29B | |
| +1.55% | 17.39B | |
| +14.84% | 16.32B | |
| +28.97% | 7.53B | |
| +14.93% | 2.34B | |
| -7.49% | 2.18B | |
| +18.49% | 1.92B | |
| -4.14% | 1.17B | |
| -24.42% | 478M |
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