# Cia de Distribucion Integral (LOG.MC)

Canonical: https://gigainvestors.com/s/LOG.MC

Analysis as of: 2026-10-16T07:37:18.116Z. Financial observations: FY2010–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 36.78 per share; close as of 2026-10-15.

Estimated value: low EUR 33.92 per share, central EUR 42.59 per share, high EUR 49.72 per share. Buy at or below the central value EUR 42.59 per share. Valuation as of 2026-10-16T07:37:18.116Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.02×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 25.5%

- ROIC, second-lowest year: 24.0%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 9.0%

- Recent gross margin (lower of latest and 3-year median): 6.7%

- Years with nonpositive capital: 10

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 36.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.0%

- FY2017: 24.3%

- FY2018: 27.2%

- FY2019: 28.3%

- FY2020: 20.7%

- FY2021: 25.7%

- FY2022: 27.8%

- FY2023: 24.8%

- FY2024: 25.4%

- FY2025: 25.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 89.2%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 36.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.33×

- FY2022: 1.31×

- FY2023: 1.24×

- FY2024: 1.21×

- FY2025: 1.44×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 24.3% vs 25.4%

- Per-share earnings: 1.00 to 2.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 1.1B

- Cumulative retained earnings: EUR 86M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.9%

- Per-share value change: EUR 1.13

- Per-share value, starting three-year median: EUR 1.00

- Per-share value, ending three-year median: EUR 2.14

- Buybacks concentrated in cheaper years (correlation): -0.33

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 84M

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: 24.3%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.00

- FY2017: EUR 1.17

- FY2018: EUR 1.18

- FY2019: EUR 1.24

- FY2020: EUR 1.18

- FY2021: EUR 1.31

- FY2022: EUR 1.50

- FY2023: EUR 2.05

- FY2024: EUR 2.32

- FY2025: EUR 2.14

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.89×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: 2.3%

- FY2018: -2.8%

- FY2019: -2.6%

- FY2020: -8.6%

- FY2021: 6.3%

- FY2022: -5.8%

- FY2023: -0.4%

- FY2024: -1.1%

- FY2025: -3.9%

## Holders

## Price story

Price needs cash profits to grow 1.5% a year for ten years · sales +4.2%

Story as of 2026-10-16T10:00:08.933Z; price observation 2026-10-15.

Price needs cash profits to grow 1.5% a year for ten years

### Sales · FY2024–2025

sales +4.2%; source https://filings.xbrl.org/9598000ANNAL42UJ7X28/2024-09-30/ESEF/ES/0/9598000ANNAL42UJ7X28-20240930-es/reports/9598000ANNAL42UJ7X28-20240930-es.xhtml; observed 2025-05-08.

- FY2016: EUR 9.6B 

- FY2017: EUR 9.5B 

- FY2018: EUR 9.5B 

- FY2019: EUR 10B 

- FY2020: EUR 11B 

- FY2021: EUR 11B 

- FY2022: EUR 11B 

- FY2023: EUR 12B 

- FY2024: EUR 13B 

- FY2025: EUR 14B 

### Gross margin · FY2025

gross margin 6.7%; source https://filings.xbrl.org/9598000ANNAL42UJ7X28/2024-09-30/ESEF/ES/0/9598000ANNAL42UJ7X28-20240930-es/reports/9598000ANNAL42UJ7X28-20240930-es.xhtml; observed 2025-05-08.

- FY2016: 9.0% 

- FY2017: 9.1% 

- FY2018: 9.7% 

- FY2019: 9.4% 

- FY2020: 9.3% 

- FY2021: 9.2% 

- FY2022: 6.0% 

- FY2023: 6.8% 

- FY2024: 6.9% 

- FY2025: 6.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are EUR 13.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 13536241000; grossProfit 906898000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOG.MC: Logista Integral, S.A., through its subsidiaries, operates as a distributor and logistics operator in Spain, France, Italy, Portugal, and Poland. The company distributes a range of products and services, including tobacco products; convenience products; pharmaceutical products; electronic top-ups; books; fiscal stamps, postage stamps, and other official documents; and periodicals, collectibles, and magazines. It also provides parcel and express courier, temperature-controlled capillary transport, and long distance and full load transportation services. Logista Integral, S.A. serves clients in various sectors comprising tobacco, publications, books, e-transactions, transport, pharmaceutical, and public sectors. Logista Integral, S.A. was formerly known as Compañía de Distribución Integral Logista Holdings, S.A. and changed its name to Logista Integral, S.A. in February 2024. The company was incorporated in 2014 and is headquartered in Leganés, Spain. Logista Integral, S.A. operates as a subsidiary of Altadis S.A.

### Why customers stay

Margins ranged from 6.7% to 6.9% during 2023–25; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 6.8%.

- Source: https://filings.xbrl.org/9598000ANNAL42UJ7X28/2024-09-30/ESEF/ES/0/9598000ANNAL42UJ7X28-20240930-es/reports/9598000ANNAL42UJ7X28-20240930-es.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.2402764643835699],[2017,0.24328014443753535],[2018,0.271786788273676],[2019,0.28290774635305016],[2020,0.20669586592113626],[2021,0.2566400364195067],[2022,0.2780583536744739],[2023,0.24800761533723747],[2024,0.25351962074328016],[2025,0.2557958800573389]]; median 0.2546577504003095. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 3.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 24895000; owner earnings 197362000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 28956000; owner earnings 211657000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 56130000; owner earnings 188647000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 54072000; owner earnings 199463000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 37725000; owner earnings 208537600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 40173000; owner earnings 231419600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 36265000; owner earnings 260830600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 44182000; owner earnings 337226000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9598000ANNAL42UJ7X28/2024-09-30/ESEF/ES/0/9598000ANNAL42UJ7X28-20240930-es/reports/9598000ANNAL42UJ7X28-20240930-es.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 47085000; owner earnings 371627600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 44838000; owner earnings 404277000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,99373000],[2017,125725000],[2018,145564000],[2019,150781000],[2020,158665000],[2021,158388000],[2022,166166000],[2023,189911000],[2024,253375000],[2025,275943000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 3241000 EUR.

### Are managers owners

Insiders own 55.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOG.MC SharesStats.PercentInsiders = 55.391999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.5% yearly over ten years; actual growth was 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.008068686198672993. Price 36.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2899316076530172 → FY2025 3.0747823838334667. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 20.23 per share

- 2016-11: EUR 21.20 per share

- 2016-12: EUR 22.00 per share

- 2017-01: EUR 22.38 per share

- 2017-02: EUR 21.55 per share

- 2017-03: EUR 21.75 per share

- 2017-04: EUR 21.95 per share

- 2017-05: EUR 24.05 per share

- 2017-06: EUR 23.02 per share

- 2017-07: EUR 21.85 per share

- 2017-08: EUR 20.81 per share

- 2017-09: EUR 20.35 per share

- 2017-10: EUR 20.12 per share

- 2017-11: EUR 20.16 per share

- 2017-12: EUR 19.17 per share

- 2018-01: EUR 19.64 per share

- 2018-02: EUR 18.80 per share

- 2018-03: EUR 17.20 per share

- 2018-04: EUR 18.69 per share

- 2018-05: EUR 21.22 per share

- 2018-06: EUR 22.16 per share

- 2018-07: EUR 20.26 per share

- 2018-08: EUR 22.70 per share

- 2018-09: EUR 22.12 per share

- 2018-10: EUR 21.32 per share

- 2018-11: EUR 22.06 per share

- 2018-12: EUR 21.86 per share

- 2019-01: EUR 22.54 per share

- 2019-02: EUR 22.14 per share

- 2019-03: EUR 21.00 per share

- 2019-04: EUR 21.14 per share

- 2019-05: EUR 19.79 per share

- 2019-06: EUR 19.92 per share

- 2019-07: EUR 18.88 per share

- 2019-08: EUR 17.87 per share

- 2019-09: EUR 17.88 per share

- 2019-10: EUR 18.79 per share

- 2019-11: EUR 20.48 per share

- 2019-12: EUR 20.10 per share

- 2020-01: EUR 20.26 per share

- 2020-02: EUR 18.37 per share

- 2020-03: EUR 14.59 per share

- 2020-04: EUR 16.26 per share

- 2020-05: EUR 16.58 per share

- 2020-06: EUR 16.60 per share

- 2020-07: EUR 15.74 per share

- 2020-08: EUR 14.86 per share

- 2020-09: EUR 14.60 per share

- 2020-10: EUR 14.48 per share

- 2020-11: EUR 15.38 per share

- 2020-12: EUR 15.86 per share

- 2021-01: EUR 15.54 per share

- 2021-02: EUR 16.02 per share

- 2021-03: EUR 16.90 per share

- 2021-04: EUR 17.30 per share

- 2021-05: EUR 17.92 per share

- 2021-06: EUR 17.34 per share

- 2021-07: EUR 18.17 per share

- 2021-08: EUR 18.39 per share

- 2021-09: EUR 18.21 per share

- 2021-10: EUR 18.44 per share

- 2021-11: EUR 16.37 per share

- 2021-12: EUR 17.53 per share

- 2022-01: EUR 17.95 per share

- 2022-02: EUR 16.21 per share

- 2022-03: EUR 16.60 per share

- 2022-04: EUR 17.49 per share

- 2022-05: EUR 18.00 per share

- 2022-06: EUR 18.66 per share

- 2022-07: EUR 20.14 per share

- 2022-08: EUR 19.34 per share

- 2022-09: EUR 18.65 per share

- 2022-10: EUR 20.94 per share

- 2022-11: EUR 22.60 per share

- 2022-12: EUR 23.60 per share

- 2023-01: EUR 24.88 per share

- 2023-02: EUR 22.84 per share

- 2023-03: EUR 23.00 per share

- 2023-04: EUR 24.66 per share

- 2023-05: EUR 23.26 per share

- 2023-06: EUR 24.68 per share

- 2023-07: EUR 25.32 per share

- 2023-08: EUR 25.00 per share

- 2023-09: EUR 24.20 per share

- 2023-10: EUR 23.18 per share

- 2023-11: EUR 23.78 per share

- 2023-12: EUR 24.48 per share

- 2024-01: EUR 26.24 per share

- 2024-02: EUR 24.84 per share

- 2024-03: EUR 25.90 per share

- 2024-04: EUR 25.56 per share

- 2024-05: EUR 26.48 per share

- 2024-06: EUR 26.42 per share

- 2024-07: EUR 27.32 per share

- 2024-08: EUR 27.80 per share

- 2024-09: EUR 27.06 per share

- 2024-10: EUR 28.10 per share

- 2024-11: EUR 30.28 per share

- 2024-12: EUR 29.20 per share

- 2025-01: EUR 29.18 per share

- 2025-02: EUR 27.70 per share

- 2025-03: EUR 29.38 per share

- 2025-04: EUR 30.12 per share

- 2025-05: EUR 28.44 per share

- 2025-06: EUR 27.80 per share

- 2025-07: EUR 27.76 per share

- 2025-08: EUR 28.00 per share

- 2025-09: EUR 28.90 per share

- 2025-10: EUR 28.92 per share

- 2025-11: EUR 29.44 per share

- 2025-12: EUR 30.12 per share

- 2026-01: EUR 30.82 per share

- 2026-02: EUR 32.26 per share

- 2026-03: EUR 32.26 per share

- 2026-04: EUR 33.28 per share

- 2026-05: EUR 33.52 per share

- 2026-06: EUR 33.74 per share

- 2026-07: EUR 37.00 per share

- 2026-08: EUR 36.12 per share

- 2026-09: EUR 34.66 per share

- 2026-10: EUR 35.78 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 13.28 per share, central EUR 15.11 per share, high EUR 17.55 per share

- FY2017: low EUR 14.04 per share, central EUR 15.97 per share, high EUR 18.55 per share

- FY2018: low EUR 15.46 per share, central EUR 17.60 per share, high EUR 20.44 per share

- FY2019: low EUR 16.62 per share, central EUR 18.91 per share, high EUR 21.96 per share

- FY2020: low EUR 21.45 per share, central EUR 30.64 per share, high EUR 35.99 per share

- FY2021: low EUR 17.75 per share, central EUR 20.20 per share, high EUR 23.46 per share

- FY2022: low EUR 18.83 per share, central EUR 21.43 per share, high EUR 24.89 per share

- FY2023: low EUR 23.28 per share, central EUR 28.25 per share, high EUR 32.93 per share

- FY2024: low EUR 26.43 per share, central EUR 32.81 per share, high EUR 38.29 per share

- FY2025: low EUR 33.53 per share, central EUR 42.10 per share, high EUR 49.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/9598000ANNAL42UJ7X28/2024-09-30/ESEF/ES/0/9598000ANNAL42UJ7X28-20240930-es/reports/9598000ANNAL42UJ7X28-20240930-es.xhtml); period 2024-09-30, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations