And the future is a promising for some of these companies. In the case of CTT have a valuation potential of 23.6%. BCP and Mota-Engil have the hypothesis of growing but at lower levels (6.45% and 1.83%), the president of Maxyield, Je.
The CTT, Mota-Engil and Banco Comercial Portuguese (BCP), with valuations of 128%, 315%, and 387%(values of September 12) were those listed in the Portuguese Scholarship Index (PSI) that managed to double their market value in space of three years.
And there is still potential for more growth, especially for CTT.
Maxyield President Carlos Rodrigues points out, based on Market Screener values for the end of August, which CTT have an “interesting potential” of appreciation of 23.6%. As for BCP “has legs to walk”, with growth that can reach 6.45%, but Carlos Rodrigues considers that the company “is in a narrower curve regarding the resilience of its financial margin and growth” of bank product. For Mota-Engil, says the president of Maxyield, “presents evidence of exhaustion” of the appreciation capacity (1.83%).
“The average of price targetsor target price, (estimates of quotations for a period of 12 months) at the end of August/2025, and the fundamental of these societies perspective a strong slowdown in growth potential, ”says Carlos Rodrigues.
| Description | Average of price target (a) € | Current quotation (a)
€ |
Potential of valuation % |
| BCP | 0,771 | 0,724 | 6,45% |
| Mota-English | 5,148 | 5,055 | 1,83% |
| CTT | 9,08 | 7,34 | 23,64% |
Source: Market Screener, quotes for the end of August
Regarding the vectors that led CTT, BCP and Mota-Engil to have remarkable shots at their market value, ActivTrads analyst Henrique Valente points out that growth was driven by “specific internal factors, such as restructuring, international expansion, and adaptation to new business segments”.
“In addition, they benefited from an upward phase of the market, in a context of widespread economic improvement. In the case of BCP, it also benefited from a period of high interest rates, which reinforced the bank’s profitability and made it more appealing to investors. Notwithstanding the improvement of the fundamentals of each of these companies, actions are still below the levels registered before the sovereign debt crisis in 2011,” he explains, “he explains.” Henrique Valente.
Despite these remarkable growths in the last three years, Carlos Rodrigues recalls that these same companies, before 2023, had their “depressed” quotes and besides or “did not follow the rhythm of evolution of the PSI or surpassed them by short margin.
Source: Maxyield database built on the annual rendering of accounts of PSI societies. 2025 value is until the end of August.
Carlos Rodrigues emphasizes some of the reasons that justified the strong valuations of these prices in the PSI.
Starting with the “large increase”, from 2023, of profits by action of these three companies.
“This increase in profits is very steep at BCP and motorcycle-endil in 2023 (more than it doubled in 2022), continuing in 2024 and remains in the first half of 2025. The growth of CTT’s profits by 2023 was not so accentuated and was regression in 2024 due to the base effect (non-recurring revenues),” Carlos Rodrigues points out.
In addition Carlos Rodrigues points out that these companies “have high levels of profitability” earning yield whose flow puts the BCP first, followed by the motorcycle and CTT.
“The profitability of the capital is also very high with Mota-Engil in the first place, followed by CTT and BCP, underlines the president of Maxyield.
Other factors highlighted by Carlos Rodrigues involve these are ‘cheap actions’, taking into account their per (quotation/ profit per action), and even three companies have “in their shareholder structure important international investors with qualified participations that reinforce market confidence”. In addition, whether BCP and CTT have a free float More than 50%, “offering strong liquidity to their actions and providing considerable weight” in PSI.
Carlos Rodrigues also says that these three companies had “a successful international component” from 2023, which helped to value themselves on the stock market.
“From 2023 the BCP Polish subsidiary has“ reasonable ”levels of risk coverage with Swiss currency housing credits and from this year began to present positive results. CTT activity in Spain began to generate positive results from 2023 at the level of ordering businesses, express and express e-commerce (e -commerce). The international activity of Mota-Engil also suffered a strong impetus from 2023, ”explains Carlos Rodrigues.
Another factor that helped these companies, in the view of Carlos Rodrigues, went through his dividend policy that presents levels of pay out Do not interval [35%-50%]“Allowing a good dividend yieldand retained profits guaranteed equity increases by attributable action ”to shareholders.
“A dividend yield Exercise average 2023 and 2024, in relation to BCP, CTT and MOTA-ENGIL, respectively 8%, 4.5%and 5%. In years prior to the 2021 year, BCP does not distribute results being 2022 quite low. In years prior to the 2020 exercise to the motorcycle, it did not distribute results. The return to the distribution of profits by BCP and Mota-Engil influenced their scholarship positioning, ”says Carlos Rodrigues.
Also contributing to the price of these shares was also the relationship between quotes and equity per share.
“The CTT presented a list of prices with equity per action, designated in the English language by price book value (PBV), greater than 1 (one), which is why it presents the lowest increase in quotations regarding the end of 2022 and at the level of these three societies, ”explains Carlos Rodrigues.
As for the BCP until 2023 (including) presented “quotations below the value of equity per share, whose situation was reversed from 2024 with the strong appreciation of the action”.
In the case of Mota-Engil, it came from a negative value of equity in 2020, “having benefited in 2021 the increase in social capital and entry of new investor (Chinese)”.
Exposure capacity to media was another factor to contribute to the appreciation of these companies. “BCP and Mota-Engil have had strong positive exposure to average, namely with specialization in business and economy & finance. This has been creating favorable perceptions with investors,” says Carlos Rodrigues.
And the changes in executive management was also another factor that made the quotes increase in the last three years to the president of Maxyield.
“Whether CTT and Mota-Engil began this cycle of quotes growth in a context of changes in executive composition. These strategic changes and repositions were successful. BCP benefited from its existing stability at its level corporate management”Points out the president of Maxyield.
