What moat does Compañía de Distribución Integral Logista Holdings have?

The advantage is the route already run and the point of sale that already receives the order that way. Building another national network takes time. It is not a fiscal exclusive. The moat narrows if tobacco volume falls by more than the other categories grow, or if the manufacturer splits the order. Working-capital cash is not a moat: it is a collection calendar.

How do you read the Compañía de Distribución Integral Logista Holdings radar?

Health has to be read by separating working-capital cash from debt. A lot of cash can be the collection cycle, not a free fortune. Quality is the distribution margin, which is thin, on a large volume. Growth is pharmacy and convenience against a tobacco business that shrinks. P/E valuation is read against that volume, not against a yield from the short blurb. Shareholder return is the dividend, crossed with the cash that can actually be paid out.

Which multiples matter for Compañía de Distribución Integral Logista Holdings?

Dividend yield is a trap if it is calculated on cash that has to be paid back to the manufacturer. The P/E of an odd volume year is not normal earnings. A distributor's margin is not the tobacco brand's margin. Do not use Altria's multiple. A dash means LOG.MC is missing.

Compañía de Distribución Integral Logista Holdings (LOG.MC) analysis

Q: What does this Compañía de Distribución Integral Logista Holdings analysis leave out?

Not advice on LOG.MC. Vaultflake does not count points of sale or split tobacco and pharmacy. This is not a yield. Read the CNMV filings. A past dividend is not a right. The table is cache, not a live quote.

Compañía de Distribución Integral Logista Holdings, S.A.

Sector:Industrials · Distribution

Country:Spain

Profile and moat

Logista delivers. It carries tobacco, pharmacy and convenience from the manufacturer to the point of sale in Spain, France, Italy and Portugal. It does not make the cigarette. Imperial Brands is the reference shareholder. This report does not state its percentage or a count of points of sale.

Tobacco volume falls over the years. Pharmacy and convenience are the other leg. This report does not say which share of sales is which. Part of the cash is the cycle of collecting from the point of sale before paying the manufacturer. That cash is not all free for the dividend. The double-digit yield in the short blurb is not stated here.

The physical network is costly to copy and it is not an insurmountable barrier: the manufacturer can use another distributor. The dividend comes from what is left after that cycle. It is not a predictable coupon by decree.

Compañía de Distribución Integral Logista Holdings (LOG.MC) analysis

Compañía de Distribución Integral Logista Holdings, S.A.

Sector:Industrials · Distribution

Country:Spain

Compañía de Distribución Integral Logista Holdings (LOG.MC) analysis

Profile and moat

Compañía de Distribución Integral Logista Holdings (LOG.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Compañía de Distribución Integral Logista Holdings have?

How do you read the Compañía de Distribución Integral Logista Holdings radar?

Which multiples matter for Compañía de Distribución Integral Logista Holdings?

What does this Compañía de Distribución Integral Logista Holdings analysis leave out?

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