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CFA equity research: CTT Correios de Portugal S.A. - Smart Lockers in a new e-commerce era: CTT's expansion in the Spanish market through strategic M&A
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| 10.18 MB | Adobe PDF |
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Resumo(s)
On October 31st, 2024, CTT was trading at €4.28. Performing a sum of parts valuation of the
Ex-Bank and Bank units, through three different approaches (DCF and FTE; Comparable
Companies Analysis; Monte Carlo), the analysis yields a final estimated stock price of €4.93,
representing an upside of 15%, mainly driven by its E&P unit. This paper then analyzes
CTT’s current smart locker network (Locky). The possibility of expanding this network in
Spain through strategic M&A is studied, both strategically and financially.
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Equity research Valuation CTT Correios de Portugal Smart Lockers