Logistics keeps pace in the stock market. The company’s share price reaches 29.9 euros, never seen before, bringing its market capitalization to 3,970 million euros. In this way, it is located at a increase of less than 1% to reach 4,000 million and to continue setting new historical highs.
The company started the year with a market capitalization of 3.2 billion, but after the accumulated increase of 22.1% in 2024manages to steal the positions of Laboratios Rovi, Inmobiliaria Colonial and Enagás. In this way, Logista is positioned with this Thursday’s prices as the twenty-sixth by size on the trading floor within the Spanish selective. Furthermore, analysis firms still consider that the value has a way to go.
The market consensus that reflects Bloomberg sets the target price at 32.4 euros per share. This would give an upward potential of 8.3% with the third best buy recommendation of the Ibex 35 according to The Ibex League elEconomista.es that crosses the advice of the experts who gather Bloomberg and FactSet. Only Sacyr and Rovi gather better opinions that the company focused on distribution and products such as tobacco.
The experts’ valuations did not deteriorate either after publishing their results for the third quarter of the year, on November 6. The operating profit for the first nine months of the year exceeded its 2023 accounts by 11.2% with an ebit of 326 million euros and a net profit of 308 million. Sales were 4.5% higher, which were new records. In addition, they were higher than what the average analysis firm expected. However, at Logista one of its strong points of recent years is languishing, which will increase as the European Central Bank (ECB) relaxes its monetary policy.
After the first interest rate cuts by the ECB, Logista’s income from the use it gives to its cash will decline. The company has been counting on this extra for the interest it charges Imperial Brands (the parent company) for the money it lends in two tranches, one at a fixed interest rate and the other linked to the six-month Euribor plus 75 basis points. As the ECB lowers its interest rate (deposit facility rate) from 3.25, the Euribor will move in a similar direction and the logistician’s interest in lending his cash will stop reporting current performance or those noted in the previous exercises
Following the results of the third quarter, the board of directors proposed to the shareholders the distribution of a complementary dividend for the 2024 financial year of 203 million euros that would be paid in the first quarter of next year. This payment would be 1.53 euros per share. Already on August 29, the payment linked to the 2024 financial year of 0.56 euros per title was paid, which represented an increase in the 14% compared to the same dividend of the previous year.
If this supplement is confirmed, the total profit distributed by Logista among its shareholders would amount to 277 million euros, (almost 2.1 euros per share), which would imply exceeding by 13% what was distributed in 2023 with a payout of 90%.
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