Consensus

The following consensus is based on reports of research analysts from banks and financial institutions regularly publishing research on the shares of CTT – Correios de Portugal, S.A. (“CTT”). Due to the dynamic nature of these reports, it is not possible to ensure that the consensus is permanently complete and updated.

Hence, it is presented merely for information purposes and does not constitute an offer, or solicitation to buy, keep or sell shares or any other financial instruments, nor does it represent an advice, recommendation or suggestion by CTT to invest in or disinvest from any financial instrument.

2019

Updated: 14-02-2019

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 709.0 705.3 713.4
    - Mail, Other and Adjustments 493.4 489.8 498.5
    - Express & Parcels 152.4 151.8 154.2
    - Financial Services 39.5 36.4 42.4
    - Banco CTT 23.7 22.7 25.0
Recurring EBITDA (1)(2) 90.5 84.9 98.0
    - Mail 85.6 81.2 89.7
    - Express & Parcels 3.8 2.7 5.0
    - Financial Services 16.0 11.5 20.0
    - Banco CTT -14.8 -16.0 -11.7
Reported Net profit 23.8 14.3 39.0
Dividend 19.8 14.3 27.0

(1) Estimates included when available. Not all brokers disclose estimates per business unit. Therefore the divisional averages do not add up to the totals.
(2) Caixa BI reports recurring EBITDA including the non-recurring costs related to the Operational Transformation Plan, which were excluded for consistency with the recurring EBITDA consensus methodology. For that purpose the CTT Management guidance of €20m of non-recurring costs for 2018 was considered.

Source: Barclays, BBVA, Caixa BI, CaixaBank BPI, Goldman Sachs, Haitong and Jefferies. Santander estimates currently under revision.
Disclaimer:

This consensus was drafted on the basis of reports on the performance of the CTT businesses regularly issued by research analysts of the institutions mentioned in the table appearing under “Analysts”. Any opinions, estimates, assessments, forecasts or predictions made by said researchers are of their sole and exclusive responsibility and do not represent opinions, estimates, assessments, forecasts or predictions of CTT or its management. CTT’s reference within this website to such information, assessments, conclusions or recommendations does not imply an endorsement of or agreement with such reports.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this consensus, nor regarding any use of this information, namely in the making of investment or disinvestment decisions. Thus being, CTT shall not have any liability whatsoever for damages or losses arising from the use of the information herein, nor does it undertake any obligation to update it.

Updated: 14-03-2016

Consensus (€m) Average Min. Max.
Revenues (1)
731.2 719.6 754.5
   - Mail, Other and Adjustments 521.0 512.0 526.4
   - Express & Parcels 132.6 131.0 136.0
   - Financial Services 77.8 74.2 87.9
Recurring EBITDA (1)(2)
142.3 136.0 150.0
   - Mail 101.9 99.0 104.0
   - Express & Parcels 3.3 0.8 6.0
   - Financial Services 36.8 33.2 40.0
Reported Net profit 74.8 62.8 87.0
Dividend 70.9 69.0 73.5
(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is used.

Source: Banco BIG, Barclays, BBVA, BPI, Caixa BI, Fidentiis, Goldman Sachs, Haitong Bank, Intermoney, Investec, Jefferies, JP Morgan, Main First, Morgan Stanley, RBC, Santander.
Disclaimer:

This consensus was drafted on the basis of reports on the performance of the CTT businesses regularly issued by research analysts of the institutions mentioned in the table appearing under “Analysts”. Any opinions, estimates, assessments, forecasts or predictions made by said researchers are of their sole and exclusive responsibility and do not represent opinions, estimates, assessments, forecasts or predictions of CTT or its management. CTT’s reference within this website to such information, assessments, conclusions or recommendations does not imply an endorsement of or agreement with such reports.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this consensus, nor regarding any use of this information, namely in the making of investment or disinvestment decisions. Thus being, CTT shall not have any liability whatsoever for damages or losses arising from the use of the information herein, nor does it undertake any obligation to update it.

Updated: 14-02-2019

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 709.0 705.3 713.4
    - Mail, Other and Adjustments 493.4 489.8 498.5
    - Express & Parcels 152.4 151.8 154.2
    - Financial Services 39.5 36.4 42.4
    - Banco CTT 23.7 22.7 25.0
Recurring EBITDA (1)(2) 90.5 84.9 98.0
    - Mail 85.6 81.2 89.7
    - Express & Parcels 3.8 2.7 5.0
    - Financial Services 16.0 11.5 20.0
    - Banco CTT -14.8 -16.0 -11.7
Reported Net profit 23.8 14.3 39.0
Dividend 19.8 14.3 27.0

(1) Estimates included when available. Not all brokers disclose estimates per business unit. Therefore the divisional averages do not add up to the totals.
(2) Caixa BI reports recurring EBITDA including the non-recurring costs related to the Operational Transformation Plan, which were excluded for consistency with the recurring EBITDA consensus methodology. For that purpose the CTT Management guidance of €20m of non-recurring costs for 2018 was considered.

Source: Barclays, BBVA, Caixa BI, CaixaBank BPI, Goldman Sachs, Haitong and Jefferies. Santander estimates currently under revision.

Updated: 04-11-2019

Consensus 2019 (€m) Average Min. Max.
Revenues (1)
716.1 697.0 729.0
   - Mail, Other and Adjustments 473.4 449.0 490.6
   - Express & Parcels 152.1 148.7 155.7
   - Financial Services 34.9 32.0 42.0
   - Banco CTT 55.4 51.8 64.0
EBITDA (1)(2)
100.4 98.0 103.9
   - Mail 81.5 80.8 81.9
   - Express & Parcels -0.6 -1.5 0.0
   - Financial Services 18.1 16.9 19.5
   - Banco CTT 1.9 0.5 4.1
Reported Net Profit
30.9 25.0 37.0
Dividend 24.9 18.7 30.0

(1) Estimates included when available. Not all brokers disclose estimates per business unit. Therefore the divisional averages do not add up to the totals.
(2) Excluding Specific items & IFRS 16 impacts, depreciation, amortisation, impairments and provisions.

Source: Barclays, BBVA, Caixa BI and CaixaBank BPI. Santander and Jefferies estimates are under review.

Updated: 14-02-2019

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 709.0 705.3 713.4
    - Mail, Other and Adjustments 493.4 489.8 498.5
    - Express & Parcels 152.4 151.8 154.2
    - Financial Services 39.5 36.4 42.4
    - Banco CTT 23.7 22.7 25.0
Recurring EBITDA (1)(2) 90.5 84.9 98.0
    - Mail 85.6 81.2 89.7
    - Express & Parcels 3.8 2.7 5.0
    - Financial Services 16.0 11.5 20.0
    - Banco CTT -14.8 -16.0 -11.7
Reported Net profit 23.8 14.3 39.0
Dividend 19.8 14.3 27.0

(1) Estimates included when available. Not all brokers disclose estimates per business unit. Therefore the divisional averages do not add up to the totals.
(2) Caixa BI reports recurring EBITDA including the non-recurring costs related to the Operational Transformation Plan, which were excluded for consistency with the recurring EBITDA consensus methodology. For that purpose the CTT Management guidance of €20m of non-recurring costs for 2018 was considered.

Source: Barclays, BBVA, Caixa BI, CaixaBank BPI, Goldman Sachs, Haitong and Jefferies. Santander estimates currently under revision.