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CTT-CORREIOS DE PORTUGAL (CTT.LS) Stock Fundamental Analysis

ELI:CTT - Euronext Lisbon - PTCTT0AM0001 - Common Stock - Currency: EUR

6.09  -0.02 (-0.33%)

Fundamental Rating

4

Taking everything into account, CTT scores 4 out of 10 in our fundamental rating. CTT was compared to 13 industry peers in the Air Freight & Logistics industry. While CTT is still in line with the averages on profitability rating, there are concerns on its financial health. CTT has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

CTT had positive earnings in the past year.
CTT had a positive operating cash flow in the past year.
CTT had positive earnings in each of the past 5 years.
CTT had a positive operating cash flow in each of the past 5 years.
CTT.LS Yearly Net Income VS EBIT VS OCF VS FCFCTT.LS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

1.2 Ratios

With a Return On Assets value of 0.95%, CTT is not doing good in the industry: 83.33% of the companies in the same industry are doing better.
CTT has a better Return On Equity (21.80%) than 91.67% of its industry peers.
CTT has a worse Return On Invested Capital (1.49%) than 83.33% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for CTT is significantly below the industry average of 7.26%.
Industry RankSector Rank
ROA 0.95%
ROE 21.8%
ROIC 1.49%
ROA(3y)1.08%
ROA(5y)1%
ROE(3y)20.8%
ROE(5y)19.16%
ROIC(3y)2.22%
ROIC(5y)2.12%
CTT.LS Yearly ROA, ROE, ROICCTT.LS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20 25

1.3 Margins

With a decent Profit Margin value of 5.74%, CTT is doing good in the industry, outperforming 75.00% of the companies in the same industry.
In the last couple of years the Profit Margin of CTT has grown nicely.
CTT has a better Operating Margin (8.97%) than 83.33% of its industry peers.
CTT's Operating Margin has improved in the last couple of years.
CTT has a Gross Margin of 47.55%. This is comparable to the rest of the industry: CTT outperforms 41.67% of its industry peers.
CTT's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 8.97%
PM (TTM) 5.74%
GM 47.55%
OM growth 3Y21.37%
OM growth 5Y17.06%
PM growth 3Y42.47%
PM growth 5Y17.98%
GM growth 3Y-3.94%
GM growth 5Y-4.05%
CTT.LS Yearly Profit, Operating, Gross MarginsCTT.LS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60

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3

2. Health

2.1 Basic Checks

CTT has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, CTT has less shares outstanding
CTT has less shares outstanding than it did 5 years ago.
CTT has a worse debt/assets ratio than last year.
CTT.LS Yearly Shares OutstandingCTT.LS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M
CTT.LS Yearly Total Debt VS Total AssetsCTT.LS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

CTT has an Altman-Z score of 0.02. This is a bad value and indicates that CTT is not financially healthy and even has some risk of bankruptcy.
CTT has a worse Altman-Z score (0.02) than 75.00% of its industry peers.
CTT has a debt to FCF ratio of 3.20. This is a good value and a sign of high solvency as CTT would need 3.20 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 3.20, CTT belongs to the top of the industry, outperforming 91.67% of the companies in the same industry.
A Debt/Equity ratio of 18.28 is on the high side and indicates that CTT has dependencies on debt financing.
CTT's Debt to Equity ratio of 18.28 is on the low side compared to the rest of the industry. CTT is outperformed by 91.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 18.28
Debt/FCF 3.2
Altman-Z 0.02
ROIC/WACC0.25
WACC5.97%
CTT.LS Yearly LT Debt VS Equity VS FCFCTT.LS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M

2.3 Liquidity

CTT has a Current Ratio of 0.67. This is a bad value and indicates that CTT is not financially healthy enough and could expect problems in meeting its short term obligations.
CTT's Current ratio of 0.67 is on the low side compared to the rest of the industry. CTT is outperformed by 83.33% of its industry peers.
CTT has a Quick Ratio of 0.67. This is a bad value and indicates that CTT is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of CTT (0.66) is worse than 83.33% of its industry peers.
Industry RankSector Rank
Current Ratio 0.67
Quick Ratio 0.66
CTT.LS Yearly Current Assets VS Current LiabilitesCTT.LS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B

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5

3. Growth

3.1 Past

CTT shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 21.22%, which is quite impressive.
The Earnings Per Share has been growing by 24.39% on average over the past years. This is a very strong growth
CTT shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.56%.
Measured over the past years, CTT shows a small growth in Revenue. The Revenue has been growing by 4.25% on average per year.
EPS 1Y (TTM)21.22%
EPS 3Y56.6%
EPS 5Y24.39%
EPS Q2Q%-17.5%
Revenue 1Y (TTM)11.56%
Revenue growth 3Y7.87%
Revenue growth 5Y4.25%
Sales Q2Q%16.82%

3.2 Future

Based on estimates for the next years, CTT will show a small growth in Earnings Per Share. The EPS will grow by 6.64% on average per year.
The Revenue is expected to grow by 5.75% on average over the next years.
EPS Next Y-5.13%
EPS Next 2Y9.64%
EPS Next 3Y5.9%
EPS Next 5Y6.64%
Revenue Next Year5.37%
Revenue Next 2Y7.29%
Revenue Next 3Y4.18%
Revenue Next 5Y5.75%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
CTT.LS Yearly Revenue VS EstimatesCTT.LS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
CTT.LS Yearly EPS VS EstimatesCTT.LS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.1 0.2 0.3 0.4 0.5

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 16.03 indicates a correct valuation of CTT.
Based on the Price/Earnings ratio, CTT is valued a bit more expensive than the industry average as 66.67% of the companies are valued more cheaply.
The average S&P500 Price/Earnings ratio is at 28.47. CTT is valued slightly cheaper when compared to this.
Based on the Price/Forward Earnings ratio of 14.53, the valuation of CTT can be described as correct.
66.67% of the companies in the same industry are cheaper than CTT, based on the Price/Forward Earnings ratio.
CTT is valuated cheaply when we compare the Price/Forward Earnings ratio to 92.74, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 16.03
Fwd PE 14.53
CTT.LS Price Earnings VS Forward Price EarningsCTT.LS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, CTT is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 0.6
EV/EBITDA N/A
CTT.LS Per share dataCTT.LS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

CTT has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.66
EPS Next 2Y9.64%
EPS Next 3Y5.9%

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3

5. Dividend

5.1 Amount

CTT has a Yearly Dividend Yield of 2.91%. Purely for dividend investing, there may be better candidates out there.
CTT's Dividend Yield is comparable with the industry average which is at 4.02.
Compared to an average S&P500 Dividend Yield of 2.28, CTT pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.91%

5.2 History

The dividend of CTT decreases each year by -19.70%.
Dividend Growth(5Y)-19.7%
Div Incr Years3
Div Non Decr Years3
CTT.LS Yearly Dividends per shareCTT.LS Yearly Dividends per shareYearly Dividends per share 2018 2019 2021 2022 2023 2024 0.1 0.2 0.3

5.3 Sustainability

CTT pays out 44.27% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP44.27%
EPS Next 2Y9.64%
EPS Next 3Y5.9%
CTT.LS Yearly Income VS Free CF VS DividendCTT.LS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M
CTT.LS Dividend Payout.CTT.LS Dividend Payout, showing the Payout Ratio.CTT.LS Dividend Payout.PayoutRetained Earnings

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CTT-CORREIOS DE PORTUGAL

ELI:CTT (2/5/2025, 9:35:08 AM)

6.09

-0.02 (-0.33%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryAir Freight & Logistics
Earnings (Last)10-31 2024-10-31
Earnings (Next)N/A N/A
Inst Owners23.23%
Inst Owner ChangeN/A
Ins Owners14.38%
Ins Owner ChangeN/A
Market Cap843.10M
Analysts77.78
Price Target6.07 (-0.33%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.91%
Yearly Dividend0.13
Dividend Growth(5Y)-19.7%
DP44.27%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)6.63%
PT rev (3m)5.5%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-1.5%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.48%
Revenue NY rev (3m)2.29%
Valuation
Industry RankSector Rank
PE 16.03
Fwd PE 14.53
P/S 0.92
P/FCF 0.6
P/OCF 0.59
P/B 3.49
P/tB 9.23
EV/EBITDA N/A
EPS(TTM)0.38
EY6.24%
EPS(NY)0.42
Fwd EY6.88%
FCF(TTM)10.12
FCFY166.12%
OCF(TTM)10.37
OCFY170.26%
SpS6.64
BVpS1.75
TBVpS0.66
PEG (NY)N/A
PEG (5Y)0.66
Profitability
Industry RankSector Rank
ROA 0.95%
ROE 21.8%
ROCE 9.13%
ROIC 1.49%
ROICexc 3.17%
ROICexgc 3.39%
OM 8.97%
PM (TTM) 5.74%
GM 47.55%
FCFM 152.47%
ROA(3y)1.08%
ROA(5y)1%
ROE(3y)20.8%
ROE(5y)19.16%
ROIC(3y)2.22%
ROIC(5y)2.12%
ROICexc(3y)3.64%
ROICexc(5y)3.24%
ROICexgc(3y)3.91%
ROICexgc(5y)3.51%
ROCE(3y)9.14%
ROCE(5y)8.45%
ROICexcg growth 3Y23.91%
ROICexcg growth 5Y-4.52%
ROICexc growth 3Y23.92%
ROICexc growth 5Y-3.83%
OM growth 3Y21.37%
OM growth 5Y17.06%
PM growth 3Y42.47%
PM growth 5Y17.98%
GM growth 3Y-3.94%
GM growth 5Y-4.05%
F-Score6
Asset Turnover0.17
Health
Industry RankSector Rank
Debt/Equity 18.28
Debt/FCF 3.2
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 3.79%
Interest Coverage 250
Cash Conversion N/A
Profit Quality 2655.86%
Current Ratio 0.67
Quick Ratio 0.66
Altman-Z 0.02
F-Score6
WACC5.97%
ROIC/WACC0.25
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)4.02%
Cap/Sales(5y)4.59%
Profit Quality(3y)676.61%
Profit Quality(5y)889.65%
High Growth Momentum
Growth
EPS 1Y (TTM)21.22%
EPS 3Y56.6%
EPS 5Y24.39%
EPS Q2Q%-17.5%
EPS Next Y-5.13%
EPS Next 2Y9.64%
EPS Next 3Y5.9%
EPS Next 5Y6.64%
Revenue 1Y (TTM)11.56%
Revenue growth 3Y7.87%
Revenue growth 5Y4.25%
Sales Q2Q%16.82%
Revenue Next Year5.37%
Revenue Next 2Y7.29%
Revenue Next 3Y4.18%
Revenue Next 5Y5.75%
EBIT growth 1Y-12.42%
EBIT growth 3Y30.93%
EBIT growth 5Y22.04%
EBIT Next Year85.35%
EBIT Next 3Y26.64%
EBIT Next 5Y21.75%
FCF growth 1Y1011.88%
FCF growth 3Y58.49%
FCF growth 5Y72.97%
OCF growth 1Y791.08%
OCF growth 3Y52.66%
OCF growth 5Y61.57%