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1. Company Snapshot

1.a. Company Description

Compañía de Distribución Integral Logista Holdings, S.A., through its subsidiaries, operates as a distributor and logistics operator in Spain, France, Italy, and Portugal.It distributes a range of products and services, including tobacco products; convenience products; pharmaceutical products; electronically recharged products; books; fiscal stamps, postage stamps, and other official documents; and periodicals, collectibles, and magazines.The company also provides parcel and express courier, temperature-controlled capillary transport, and long distance and full load transportation services.


It serves clients in various sectors comprising tobacco, publications, books, e-transactions, transport, pharmaceutical, wholesale distribution, and public sectors.The company was incorporated in 1964 and is headquartered in Leganés, Spain.Compañía de Distribución Integral Logista Holdings, S.A. operates as a subsidiary of Imperial Tobacco Limited.

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1.b. Last Insights on LOG

Logista Holdings' recent performance has been pressured by concerns over the impact of fluctuating interest rates and geopolitical uncertainties on its operations. The company's dividend yield, although attractive, may not be enough to offset the potential headwinds. Additionally, the lack of recent earnings releases has created uncertainty, leaving investors cautious about the company's ability to navigate the current economic landscape.

1.c. Company Highlights

2. Logista's FY2025 Results: Steady Performance Amidst Challenges

Logista's financial performance for FY2025 was marked by a 3% year-on-year growth in economic sales, reaching EUR 1.8 billion. However, adjusted EBIT declined by 2% to EUR 378 million, and net profit decreased by 9% to EUR 281 million, primarily due to lower financial income. The company's EPS came in at 0.28, below analyst estimates of 0.31. The adjusted EBIT margin stood at around 21%, indicating a slight decline in profitability.

Publication Date: Nov -08

📋 Highlights
  • Inventory Profit Surge:: EUR 45 million profit driven by tax and retail price changes, marking third consecutive year of tobacco pricing gains.
  • Economic Sales Growth:: Revenues rose to EUR 1.8 billion (+3% YoY), with Italy up 8% to EUR 434 million despite France declining 7% to EUR 200 million.
  • EBIT & Net Profit Decline:: Adjusted EBIT fell 2% to EUR 378 million; net profit dropped 9% to EUR 281 million due to lower financial income (down EUR 30 million).
  • Free Cash Flow Surge:: Jumped to EUR 483 million (+112% YoY) from strong working capital, ending the year with EUR 2.6 billion in cash.
  • Future Outlook:: EBIT growth (excluding inventory profit) expected at mid-single-digit rate in 2026, supported by core business strength and cost discipline.

Segmental Performance

Logista's main segments, Iberia and Italy, demonstrated positive growth, with economic sales increasing by 3% and 8%, respectively. The company's tobacco and pharma businesses performed well, driven by changes in tax and retail prices. In Iberia, adjusted EBIT declined by 5% to EUR 191 million, while in Italy, it increased by 11% to EUR 134 million. The French segment, however, experienced a decline in economic sales and adjusted EBIT.

Profit on Inventory and Cash Flow

A significant highlight of Logista's FY2025 results was the EUR 45 million profit on inventory, driven by changes in tax and retail prices. The company's free cash flow stood at EUR 483 million, significantly higher than the EUR 225 million recorded in FY2024, thanks to positive working capital movements. As CFO Pedro Losada noted, "the seasonality of cash in Logista business, particularly in tobacco, typically results in a higher average cash balance in Q4."

Valuation and Outlook

Logista's valuation metrics indicate a relatively attractive profile, with a P/E Ratio of 13.69, P/B Ratio of 6.01, and Dividend Yield of 7.1%. The company's ROE stands at 44.04%, indicating strong profitability. For FY2026, Logista expects adjusted EBIT, excluding profit on inventory, to grow at a mid-single-digit rate, driven by the continued strength of its core businesses and disciplined cost management. Analysts estimate revenue growth at 0.9% for next year.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.85%)

6. Segments

Tobacco and Related Products

Expected Growth: 4.83%

Logista Holdings' Tobacco and Related Products segment growth of 4.83% is driven by increasing demand for alternative tobacco products, expansion into new markets, and strategic partnerships with leading manufacturers. Additionally, the company's efficient logistics and distribution network, as well as its ability to adapt to changing consumer preferences, contribute to its growth momentum.

Transport

Expected Growth: 4.83%

Logista Holdings' 4.83% growth in transport is driven by increasing demand for e-commerce logistics, strategic partnerships with major retailers, and investments in digitalization and process optimization. Additionally, the company's diversified customer base and extensive network of distribution centers have enabled it to capitalize on the growing need for efficient and reliable transportation services.

Pharmaceutical Distribution

Expected Growth: 5.67%

Logista Holdings' pharmaceutical distribution growth is driven by increasing demand for healthcare services, strategic partnerships with pharmaceutical companies, and expansion into new geographic markets. Additionally, the company's efficient logistics and supply chain management capabilities, as well as its ability to adapt to changing regulatory environments, contribute to its 5.67% growth.

Reconciling Items

Expected Growth: 4.83%

Logista Holdings' 4.83% growth is driven by its diversified distribution network, strategic partnerships, and efficient logistics management. The company's focus on digitalization, cost optimization, and expansion into new markets also contribute to its growth. Additionally, its strong presence in the Iberian Peninsula and growing e-commerce business further support its growth momentum.

Inter-segment Sales

Expected Growth: 4.83%

The 4.83% growth in inter-segment sales from Compañía de Distribución Integral Logista Holdings, S.A. is driven by increasing demand for logistics services, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, leading to higher sales volumes and revenue growth.

Other

Expected Growth: 6.37%

Logista's 6.37% growth is driven by its diversified distribution network, strategic partnerships, and efficient logistics management. The company's ability to adapt to changing market conditions, invest in digitalization, and expand its services to new markets also contribute to its growth. Additionally, its focus on sustainability and cost optimization initiatives have improved operational efficiency, further boosting growth.

7. Detailed Products

Pharmaceutical Distribution

Logista Pharmaceuticals is a leading distributor of pharmaceutical products to pharmacies, hospitals, and wholesalers in Spain and Portugal.

Tobacco Distribution

Logista Tobacco is a leading distributor of tobacco products to retailers and wholesalers in Spain and Portugal.

Electronic Recharge and Payment Solutions

Logista Electronic Recharge provides electronic recharge and payment solutions to retailers and consumers in Spain and Portugal.

Route Distribution

Logista Route Distribution provides route distribution services to manufacturers and retailers in Spain and Portugal.

Transportation and Logistics

Logista Transportation and Logistics provides transportation and logistics services to manufacturers and retailers in Spain and Portugal.

Digital Services

Logista Digital Services provides digital solutions to retailers and consumers in Spain and Portugal.

8. Compañía de Distribución Integral Logista Holdings, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Logista Holdings, S.A. operates in a niche market, providing logistics and distribution services to the tobacco industry. While there are some substitutes available, such as in-house logistics operations, the company's specialized services and expertise provide a competitive advantage, reducing the threat of substitutes.

Bargaining Power Of Customers

Logista Holdings, S.A. has a diverse customer base, including major tobacco companies. While these customers have some bargaining power, the company's strong relationships and customized services reduce their ability to negotiate prices or terms.

Bargaining Power Of Suppliers

Logista Holdings, S.A. relies on a network of suppliers for transportation, warehousing, and other services. While these suppliers have some bargaining power, the company's scale and negotiating power mitigate this threat.

Threat Of New Entrants

The logistics and distribution industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This reduces the threat of new entrants and allows Logista Holdings, S.A. to maintain its market position.

Intensity Of Rivalry

The logistics and distribution industry is competitive, with several players vying for market share. However, Logista Holdings, S.A.'s specialized services and strong relationships with customers reduce the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.19%
Debt Cost 3.95%
Equity Weight 69.81%
Equity Cost 7.52%
WACC 6.44%
Leverage 43.24%

11. Quality Control: Compañía de Distribución Integral Logista Holdings, S.A. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Logista

A-Score: 7.4/10

Value: 7.0

Growth: 5.9

Quality: 5.8

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

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Bouygues

A-Score: 6.9/10

Value: 8.2

Growth: 5.3

Quality: 3.7

Yield: 8.1

Momentum: 8.0

Volatility: 8.3

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Österreichische Post

A-Score: 6.8/10

Value: 7.5

Growth: 3.2

Quality: 6.1

Yield: 8.8

Momentum: 5.0

Volatility: 10.0

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Strabag

A-Score: 6.6/10

Value: 8.1

Growth: 4.7

Quality: 6.2

Yield: 8.1

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Wallenius Wilhelmsen

A-Score: 5.8/10

Value: 9.2

Growth: 8.2

Quality: 7.9

Yield: 6.2

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Serco

A-Score: 5.6/10

Value: 4.6

Growth: 5.1

Quality: 3.0

Yield: 3.1

Momentum: 9.0

Volatility: 9.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.5$

Current Price

28.5$

Potential

-0.00%

Expected Cash-Flows