CTT - Correios de Portugal, S.A. CTTPY

IndustrialsFreight & Logistics ServicesPortugal

Last close 15.90 USD on Nov 2, 2026, −2.1% year to date

Quant rating

Quant rating B Rank 132 of 418 in Industrials

Growth A 14 of 418
Valuation B 139 of 418
Quality B 142 of 418
Revisions C 178 of 418
Momentum C 272 of 418

Wall Street consensus Buy (2.17)Average target 9.20 USD −42.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 786M
Enterprise value: 3.6B
52-week range: 15.90 – 15.90
3-year range: 8.02 – 16.24
Dividend yield: 2.77%
Beta (5 years): –
Shares outstanding: 134M
Next earnings: Nov 3, 2026

About the company

CTT Correios de Portugal SA (CTT) is a Portugal-based company principally engaged in the provision of courier services. The Company's activities are divided into four business segments: Mail, Express & Parcels, Financial Services and CCT Bank. The Mail division operates post offices, as well as offers postal services to business customers, distribution of advertising materials and postal communication solutions, among others. The Express & Parcels division provides courier services, as well as urgent mail and parcel delivery under CTT Expresso, Tourline and Corre brand names. The Financial Services division, under PayShop brand name, offers payment processing through a national network of agents, such as supermarkets, tobacco stores and kiosks. The CCT Bank division includes retail banking activity. The Company operates in Portugal, Spain and Mozambique.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,326	1,000	932	844	861	–
Revenue growth	32.6%	7.3%	10.4%	−2.0%	4.8%	10.0%
EPS (basic, normalized)	0.44	0.36	0.47	0.27	0.29	–
EPS growth	23.6%	−23.7%	76.1%	−7.5%	–	–
Gross margin	45.4%	48.8%	53.3%	52.0%	54.1%	50.7%
Net margin	4.5%	4.7%	7.2%	4.6%	5.1%	5.2%
ROE	20.1%	18.2%	25.5%	18.3%	23.7%	21.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,619
Current ratio	0.57x
Long-term debt (mil)	606
Net debt (mil)	2,888
Total equity (mil)	354
Net debt / equity	8.17x
Net debt / EBITDA	12.56x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,326	+32.6%	2.7x	230	+46.9%	15.7x	0.44	+23.6%	35.9x
2026	1,547	+16.7%	2.3x	224	−2.7%	16.2x	0.52	+16.7%	30.8x
2027	1,665	+7.6%	2.2x	248	+10.7%	14.6x	0.71	+37.0%	22.5x
2028	1,819	+9.3%	2.0x	289	+16.5%	12.5x	0.84	+19.3%	18.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,547	−0.6%	−0.9%	−0.8%	0.52	−17.9%	−8.5%	−15.1%
2027	1,665	−1.1%	−1.1%	−0.2%	0.71	−4.9%	−0.2%	−0.5%
2028	1,819	+0.6%	+0.7%	+2.0%	0.84	+2.4%	+2.4%	+10.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	264	261	268	315	288	313	314	377	329	345
Sales mean (mil)	–	252	255	288	284	312	313	377	317	323
Surprise	–	+3.5%	+5.1%	+9.4%	+1.5%	+0.5%	+0.2%	0.0%	+3.8%	+6.8%
EPS reported	–	–	–	–	0.04	0.12	0.08	0.14	0.03	0.06
EPS mean	–	–	–	–	0.09	0.10	0.10	–	0.05	0.07
Surprise	–	–	–	–	−55.6%	+20.0%	−20.0%	–	−40.0%	−10.0%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CTTPY CTT - Correios de Portugal, S.A.	786M	12.56x	4.5%	2.23x	30.8x	22.5x	16.2x	14.6x
SB Safe Bulkers, Inc.	850M	2.94x	11.1%	0.87x	8.2x	17.2x	6.8x	8.8x
CVLG Covenant Logistics Group Inc	849M	2.07x	0.4%	2.05x	19.6x	12.3x	7.9x	6.1x
CYRX Cryoport, Inc.	822M	28.10x	−23.8%	1.68x	−20.6x	−25.1x	528.6x	76.7x
HTLD Heartland Express Inc	815M	0.41x	−6.5%	1.08x	76.4x	24.7x	5.7x	4.7x
ULH Universal Logistics Holdings, Inc. (Nevada)	753M	3.23x	−6.4%	1.34x	26.9x	14.3x	6.8x	5.9x
Mean		8.22x	−3.5%	1.54x	23.6x	11.0x	95.3x	19.5x
Median		3.08x	−3.0%	1.51x	23.3x	15.7x	7.3x	7.4x

Technical analysis

1M0.0%
3M0.0%
1Y−2.1%
3Y+6.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CTT - Correios de Portugal, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,326	1,000	932	844	861	822
Cost of revenue	724	512	435	405	396	328
Gross profit	602	488	497	439	466	494
Selling, general & administrative expenses	543	445	425	403	423	437
Research & development	–	–	–	–	–	–
Depreciation/amortization	98.1	77.8	76.4	69.4	65.8	75.8
Interest expense (income), operating	−0.5	0.9	−0.2	0.3	0.6	1.3
Unusual expense (income)	17.0	13.2	23.9	27.0	17.6	10.6
Other operating expenses	−164	−126	−115	−121	−112	−72.7
Operating income	108	76.4	85.8	60.1	70.3	42.1
Net interest income (expense)	−14.9	−11.4	−9.4	−5.6	−8.4	−8.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−8.5	−6.6	−8.5	−4.5	−4.2	−5.6
Net income before taxes	84.9	58.3	67.9	50.0	57.8	28.2
Provision for taxes	21.1	9.6	1.2	11.1	13.9	7.8
Minority interest	−4.3	−1.5	0.1	0.1	−0.2	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	59.6	47.1	66.8	39.0	43.7	20.4
Extraordinary items	–	–	–	–	–	–
Net income	59.6	47.1	66.8	39.0	43.7	20.4
EBIT, normalized	152	97.6	120	96.3	86.5	62.6
EBITDA, normalized	250	175	197	166	152	138
Basic EPS, normalized	0.44	0.36	0.47	0.27	0.29	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CTT - Correios de Portugal, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,647	2,817	2,197	1,148	1,083	733
Receivables	561	386	343	689	670	325
Total inventory	7.3	6.7	7.4	8.6	7.8	8.1
Prepaid expenses	42.4	36.7	16.6	14.3	14.4	5.6
Other current assets	60.8	55.3	86.7	71.4	59.4	38.3
Total current assets	3,319	3,301	2,651	1,931	1,835	1,109
Property, plant & equipment	431	351	328	324	337	360
Goodwill	217	83.1	88.6	85.9	92.6	85.7
Intangibles	96.0	76.0	78.0	74.3	72.2	70.9
Long-term investments	1,031	386	428	475	357	595
Note receivable	2,114	1,629	1,594	1,379	1,282	1,204
Other long-term assets	108	84.2	82.7	72.6	100	110
Total assets	7,316	5,910	5,249	4,342	4,076	3,536
Liabilities
Accounts payable	698	496	413	562	398	459
Payable/accrued	–	–	–	–	–	–
Accrued expenses	36.1	24.4	24.3	23.6	24.0	22.8
Short-term debt	4,769	4,188	3,411	2,403	2,413	2,062
Current portion of long-term debt	66.5	50.5	119	64.3	57.2	52.3
Other current liabilities	210	207	241	204	183	154
Total current liabilities	5,780	4,966	4,209	3,257	3,075	2,749
Long-term debt	592	444	561	622	486	255
Minority interest	77.3	62.8	1.8	1.4	0.6	0.4
Other liabilities	564	181	200	223	316	348
Total liabilities	7,013	5,654	4,972	4,103	3,878	3,352
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	78.6	71.7	79.4	77.8	85.3	91.6
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	233	186	195	147	163	150
Treasury stock	−7.0	−16.4	−17.2	−11.6	−7.3	0
Other equity	−1.8	15.2	21.0	25.7	−42.7	−58.0
Total equity	302	256	278	239	198	183
Total liabilities & shareholders' equity	7,316	5,910	5,249	4,342	4,076	3,536

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CTT - Correios de Portugal, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−283	522	639	−217	−336	−75.7
Cash from operations	211	965	1,111	171	66.2	346
Investing activities
Capital expenditures	−50.4	−39.3	−34.0	−36.3	−35.4	−46.2
Other investing cash flows	−90.9	−720	−1,086	−699	185	−75.3
Cash from investing	−141	−760	−1,120	−736	150	−122
Financing activities
Financing cash flow items	−3.5	22.7	−2.4	216	282	−48.0
Cash dividends paid	−28.6	−25.8	−19.7	−18.9	−14.5	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7.1	−249	−74.5	−110	−76.6	−73.5
Cash from financing	−39.2	−252	−96.6	86.9	191	−122
Foreign exchange effects	−0.3	–	–	–	–	–
Net change in cash	30.4	−46.6	−105	−477	407	103
Free cash flow	161	925	1,077	135	30.8	299

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.