Added to YB: 2026-03-12
Pitch date: 2026-03-10
ICTEF [neutral]
International Container Terminal Services, Inc.
-4.14%
current return
Author Info
No bio for this author
Company Info
International Container Terminal Services, Inc., together with its subsidiaries, acquires, develops, manages, and operates container ports and terminals for container shipping industry in Asia, Europe, the Middle East, Africa, and the Americas.
Market Cap
PHP 23.4B
Pitch Price
PHP 725.00
Price Target
N/A
Dividend
2.13%
EV/EBITDA
12.97
P/E
22.69
EV/Sales
8.45
Sector
Transportation Infrastructure
Category
growth
International Container Terminal Services, Inc. ($ICT)
ICTEF (deep dive): World's largest independent terminal operator w/ 25-50yr concession monopolies on gateway ports. 2025: 14.5M TEUs (+11%), rev +18%, EBITDA margin expanded via operating leverage. 18.6-21.3% ROIC vs 6.84% WACC = 12-14% spread. Focus on O&D cargo (not transshipment) provides pricing power. New concessions: Durban (Africa's largest) + Batam add major capacity. Risks: FX volatility (MXN/BRL/AUD depreciation), geopolitical trade disruptions, regulatory delays on expansion pipeline. H1'24 FCF $602M (+24% YoY) funds growth internally.
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