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CFA equity research: CTT Correios de Portugal, S.A. equity valuation & the potential acquisition of Banco CTT: should Correios de Portugal divest its banking arm?
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Orientador(es)
Resumo(s)
CTT – Correios de Portugal, with over 500 years of history, operates in mail, parcels,
financial services, and banking. As of 31/10/2024, its share price was €4.28. This paper
estimates CTT’s fair value at €4.93, reflecting a 15% upside, through a sum of parts
valuation of its Banking and Ex-Bank business units.
The individual analysis evaluates the potential divestiture of Banco CTT, focusing on
value creation through a private acquisition by a major bank. Findings suggest that a well
executed divestiture could enhance Banco CTT’s value, allowing CTT to capture a
premium and refocus on its logistics operations.
Descrição
Palavras-chave
Equity research CTT Correios de Portugal Divestiture Banco CTT