This week Logista announced its final results for the last quarter of its fiscal year 2024 (it is three months ahead of the rest of the market), in which it reflected the strength of its businesses and the good health of its balance sheet, in addition to improving shareholder remuneration. .
These results marked a new historical record for the company by achieving a net profit of 308 million, in line with what analysts expected, with revenues that have increased by 4% and an EBIT marked by the positive financial result of 93 million euros compared to 76 in 2023. This amount results from the interest charged on the credit it maintains with the first shareholder, Imperial Tobacco, for which it receives a remuneration of the ECB’s reference interest rate plus 75 points.
However, what in these last two courses has become a great wind in favor at the income statement level, has already begun to subside slightly as the ECB continues its path of lowering rates, which will progressively reduce this extra income that Logista derives from having a net cash position that exceeds the 2,000 million for the management of tobacco taxes.
Thus, the consensus of analysts collected by FactSet estimates that next year net profits will contract more than 7%up to the 286 million expected for both 2025 and 2026 (see graph). This, while the group’s income will not only be maintained, but will increase slightly in the coming years. In fact, the company itself has given a guidance by 2025, adjusted EBIT growth in the mid-single digits, without taking into account the impact of inventories or M&A.
Logista also took advantage of the presentation to announce a complementary dividend of 1.53 euros, which will reach an annual total of 2.09 euros, which At current prices they rent 7.4%the highest in the last four years. “It continues to fulfill its strategic business diversification plan and reduce its dependence on the tobacco segment,” Bankinter explains. “Its cash position and the conditions of the renewed credit line it has with Imperial Tobacco allow it to take advantage of the rate environment in Europe,” they continue. “It maintains its attractive shareholder remuneration policy,” they conclude.
still has potential
In recent years, Logista has enjoyed the favor of analysts and investors. Their titles have not stopped increasing in value and this course accumulates a profitability of more than 18%now trading at maximums never seen before in the area of 29 euros per share. Despite this, the analysis houses, which have also been improving their valuations, give some additional mileage to their titles. Specifically, they place it at 31.84 euros, 10% above of their current prices. Likewise, they grant one of the best recommendations of the entire Ibex 35.
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