Logista announced this week its final results for the last quarter of its 2024 financial year (three months ahead of the rest of the market), in which it reflects the solidity of its activities 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 analysts’ expectations, with revenues up 4% and an EBIT marked by the positive financial result of 93 million euros compared to 76 in 2023. This amount results of the interest received on the credit it maintains with the largest shareholder, Imperial Tobacco, for which it receives remuneration equal to the ECB reference interest rate increased by 75 points.
However, what in these last two courses has become a great wind in favor at the income statement level, has already started to ease slightly as the ECB continues its policy of lowering rates, which will gradually reduce this additional income that Logista derives from a net cash position which exceeds the 2,000 million for tobacco management. taxes.
Thus, the consensus of analysts collected by FactSet estimates that next year, net profits will decline by more than 7%up to 286 million expected for 2025 and 2026 (see graph). This, while the group’s revenues will not only be maintained, but will increase slightly in the years to come. In fact, the company itself gave a advice mid-single digit adjusted EBIT growth by 2025, without taking into account the impact of inventory or M&A.
Logista also took advantage of the presentation to announce an additional 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 carry out its strategic plan of commercial diversification and to reduce its dependence on the tobacco segment,” explains Bankinter. “Its cash position and the conditions of the renewed credit line it has with Imperial Tobacco allow it to benefit from the rate environment in Europe,” they continue. “It maintains its attractive shareholder remuneration policy,” they conclude.
still has potential
In recent years, Logista has benefited from the favor of analysts and investors. Their shares have continued to increase in value and this price is accumulating profitability of more than 18%is now trading at maximums never seen before of the order of 29 euros per share. Despite this, the analysis houses, which have also improved their valuations, are giving additional mileage to their securities. Concretely, they place it at 31.84 euros, 10% above of their current prices. Likewise, they grant one of the best recommendations of all the Ibex 35.
