CTT - Correios De Portugal, S.A. (CTT.LS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-148.7%

-€2.55

vs €5.24 price

Levered DCF

€109.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.05

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.55×	16.36×	8.23×	12.32×	17.54×	21.36×	15.95×	22.69×
P/B	3.86×	2.99×	1.99×	2.01×	3.91×	2.35×	3.53×	2.93×
P/S	0.79×	0.68×	0.53×	0.52×	0.84×	0.49×	0.65×	0.62×
EV / EBITDA	6.93×	5.83×	5.21×	5.47×	20.51×	19.15×	15.13×	9.03×
Gross margin	12.6%	68.2%	37.0%	41.7%	30.1%	40.3%	39.4%	34.4%
Operating margin	7.2%	7.8%	13.0%	8.9%	7.9%	7.2%	8.4%	5.6%
Net margin	4.0%	4.2%	6.4%	4.2%	4.7%	2.3%	4.1%	2.8%
Current ratio	0.56×	0.66×	0.63×	0.59×	0.6×	0.4×	0.42×	0.56×
Debt / equity	2.18×	1.94×	2.45×	2.99×	14.95×	12.64×	11.41×	6.24×
Interest coverage	4.75×	4.92×	7.46×	5.11×	4.92×	4.39×	5.73×	4.02×
Dividend yield	2.5%	3.4%	3.6%	3.9%	1.9%	0.0%	3.2%	13.3%
Payout ratio	48.1%	54.8%	29.6%	48.5%	33.2%	0.0%	51.4%	290.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.7%	18.4%	24.0%	16.3%	22.1%	11.1%	22.3%	13.4%
Return on invested capital	4.6%	7.4%	11.4%	5.4%	5.2%	5.5%	7.4%	5.4%
Return on assets	0.8%	0.8%	1.3%	0.9%	1.1%	0.6%	1.2%	1.1%
Free cash flow yield	13.7%	120.9%	194.4%	0.6%	3.2%	69.1%	58.0%	14.7%
Earnings yield	5.1%	6.2%	12.1%	8.1%	5.6%	4.7%	6.3%	4.6%
Enterprise value	€1.2B	€902.9M	€766.7M	€659.9M	€2.4B	€1.7B	€1.5B	€920.9M
Net debt / EBITDA	1.23×	1.05×	1.8×	1.75×	14.71×	15.24×	10.51×	4.82×
Cash conversion cycle (days)	-1,391	-1,575	-142	217	196	74	72	38