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CFA Research Challenge - CTT Correios de Portugal - Cross-border growth: the role of M&A in CTT strategic expansion into Spain
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CTT – Correios de Portugal, S.A stands as a leading company in Portugal’s logistics and financial
services sectors. The purpose of this paper is to demonstrate that the fair value for CTT’s share price
is €5.21, representing a premium over the market price of €4.68 as of December 4, 2024. Through
comprehensive analysis, this valuation highlights the company’s growth potential and strategic
positioning in its core markets.
Beatriz de Almeida Domingues Pereira’s Individual Part evaluates the potential impact of Correios de
Portugal’s ESG objectives on its cost of equity and, consequently, its projected share price.
Joana Duarte Cordeiro’s Individual Part focuses on CTT’s potential acquisition of Sending Transporte
Y Comunicácion SA, in Spain, aligning with the company’s strategic expansion objectives into the
Iberian Courier, Express and Parcels market.
João Diogo Guerra Correia’s Individual Part analysis historical payout policy and its sustainability in
the future and impact on shareholder value.
Lara Catarina Figueiredo Caçador’s Individual Part analyzes the financial impact of CTT's Locky
locker network expansion in Portugal and Spain, focusing on the value which automated lockers
represent for the company's last-mile logistics.
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Corporate Finance Finance Valuation Equity research Analysis