Stock CTT CTT-CORREIOS DE PORTUGAL, S.A.
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Financials CTT-Correios de Portugal, S.A.

Equities

CTT

PTCTT0AM0001

Air Freight & Logistics

Real-time Euronext Lisbonne
Other stock markets
 10:58:55 30/04/2024 BST 		5-day change 1st Jan Change
4.47 EUR -0.56% Intraday chart for CTT-Correios de Portugal, S.A. -2.08% +28.08%
03-20 Transcript : CTT - Correios De Portugal, S.A., 2023 Earnings Call, Mar 20, 2024
03-20 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 1 478.5 352.5 676.4 438.6 492.7 627.1 - -
Enterprise Value (EV) 1 538.5 423.9 735.3 468.4 492.7 525.1 496.6 453.1
P/E ratio 16.8 x 21.4 x 17.5 x 12.3 x 8.12 x 14 x 11.7 x 11 x
Yield 3.13% 3.62% 2.63% 4.06% - 3.77% 3.41% 4.38%
Capitalization / Revenue 0.65 x 0.47 x 0.8 x 0.48 x 0.5 x 0.63 x 0.6 x 0.58 x
EV / Revenue 0.73 x 0.57 x 0.87 x 0.52 x 0.5 x 0.53 x 0.48 x 0.42 x
EV / EBITDA 5.31 x 4.68 x 6.23 x 3.62 x 3.24 x 3.59 x 3.08 x 2.71 x
EV / FCF 16.7 x 19.4 x 16.2 x 6.95 x - 8.05 x 6.77 x 5.65 x
FCF Yield 6% 5.14% 6.16% 14.4% - 12.4% 14.8% 17.7%
Price to Book 3.19 x 2.35 x 3.89 x 2.02 x - 2.02 x - 1.57 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 4.495 4.495 4.495
Announcement Date 15/03/20 16/03/21 16/03/22 16/03/23 20/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 740.3 745.2 847.9 906.6 985.2 989.3 1,038 1,077
EBITDA 1 101.5 90.5 118.1 129.3 151.9 146.4 161 167.3
EBIT 1 65.5 41.5 60.1 64.5 87.55 80.86 94.33 100.3
Operating Margin 8.85% 5.57% 7.09% 7.11% 8.89% 8.17% 9.09% 9.31%
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 43.95 52 56
Net margin 3.94% 2.24% 4.53% 4.02% 6.14% 4.44% 5.01% 5.2%
EPS 2 0.1900 0.1100 0.2600 0.2500 0.4300 0.3206 0.3833 0.4100
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% - 6.59% 7.07% 7.44%
FCF Conversion (EBITDA) 31.82% 24.09% 38.36% 52.13% - 44.54% 45.59% 47.93%
FCF Conversion (Net income) 110.62% 130.54% 117.97% 185.13% - 148.35% 141.15% 143.21%
Dividend per Share 2 0.1000 0.0850 0.1200 0.1250 - 0.1694 0.1533 0.1967
Announcement Date 15/03/20 16/03/21 16/03/22 16/03/23 20/03/24 - - -
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 - 234.8
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 32.1
EBIT 1 4.9 28.69 14.5 20.4 6.667 12 18.6 20.1 25.8 25.7 22.7 19.7 - 15.4
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% - 6.56%
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% - 1.28%
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 05/08/20 05/08/21 04/11/21 16/03/22 05/05/22 27/07/22 27/07/22 04/11/22 16/03/23 04/05/23 27/07/23 03/11/23 20/03/24 -
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 - 5,494 4,727 5,091
Book Value Per Share 2 1.000 1.000 1.170 1.520 - 2.230 - 2.860
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% - 4.14% 3.27% 3.99%
Announcement Date 15/03/20 16/03/21 16/03/22 16/03/23 20/03/24 - - -
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

Ratings for CTT-Correios de Portugal, S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
4.495 EUR
Average target price
5.54 EUR
Spread / Average Target
+23.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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