Analysts and Consensus

The following list includes references to research analysts from banks and financial institutions regularly publishing research on the shares of CTT – Correios de Portugal, S.A. (“CTT”). Hence, this list includes only analysts having published updates in the last 12 months.  Due to its dynamic nature, it is not possible to ensure that this list 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.

Updated: 14-07-2020

Institution Analyst Target price Recommendation  Date
CaixaBank BPI Filipe Leite € 3.75 buy 30-06-2020
AS Independent Research António Seladas € 2.15 Neutral 08-06-2020
JB Capital Markets Germán García Bou / Joaquín García-Quirós € 3.00 Buy 02-06-2020
CaixaBI Artur Amaro € 2.30 Neutral 22-04-2020
Barclays Marco Limite € 2.40 Equal-weight 22-04-2020
BBVA Daniel Ortea Hernandez Under review Under review 09-10-2018
Santander João Safara Under review Under review 25-07-2018
Jefferies David Kerstens Under review Under review 24-07-2018

Disclaimer:

This list was drafted on the basis of opinions on the performance of the CTT shares regularly delivered by research analysts of the institutions mentioned in the table above. Any opinions, estimates, assessments, forecasts or predictions made by said research analysts regarding CTT share performance within the securities market 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 opinions.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this list, 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.

The recommendations of a given institution are based on the estimates of the analysts who produced the reports and provided the information to CTT and must be viewed in their full context. In particular, consideration should be taken of (i) the full text of the research the recommendations are based on, (ii) the share price at the time of writing, and (iii) the full range of recommendations employed by that institution. The recipients of this information are invited and advised to obtain counselling from their financial intermediaries and the public information disclosed by CTT in www.ctt.pt and in www.cmvm.pt, before making any investment decision regarding CTT shares or any other related financial instrument.

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.

Updated: 14-07-2020

 

Consensus 2020 (€m) Average Min. Max.
Revenues  (1)
709.9 680.8 731.0
   - Mail, Other and Adjustments 431.8 424.5 441.0
   - Express & Parcels 163.7 160.0 168.7
   - Financial Services 37.9 25.4 48.0
   - Banco CTT 76.5 70.3 82.0
EBITDA (1)(2)
83.0 73.0 93.4
   - Mail 51.0 44.0 61.4
   - Express & Parcels 1.1 -1.7 3.1
   - Financial Services 19.0 15.0 24.0
   - Banco CTT 14.4 11.3 17.0
EBIT (3) 33.0 21.2 44.7
Reported Net Profit 14.1 3.9 24.5
Dividend 9.5 0.0 18.4

(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
(3) Including Specific items & IFRS 16 impacts, depreciation, amortisation, impairments and provisions

Source: AS Independent Research, Barclays, Caixa BI, CaixaBank BPI and JB Capital Markets. BBVA, Santander and Jefferies estimates are under review.