Type of ratings: Corporate

Rating value: BB-

Outlook: Positive

License: EthiFinance Ratings


EthiFinance Ratings assigns a first rating for Ontime Corporate Unión S.A. of "BB-" with a Positive outlook. Ontime Corporate Unión SA ("Ontime") is engaged in the transport and logistics management of goods and parcels. It was incorporated in 2015 in Madrid, and currently operates in Spain and to a much lesser extent in Portugal and Morocco. It has a fleet of 2,500 vehicles and 42 logistics centres on the Iberian Peninsula. The company has expanded rapidly in recent years, as a result of both organic and inorganic growth, including the acquisition of Acotral in 2021 (the main transport provider of the Mercadona supermarket chain) and the integration of Envialia in 2023 (a company with a significant network of distribution points). Ontime in 2022 generated turnover of € 634m (+325.5% YoY) and EBITDA of € 64m (EBITDA margin of 10.1%). The adjusted NFD/EBITDA ratio stood at 4x.


Rating action: New

Action date: 2023-09-12

Date last rating: 2023-09-12

Date first rating: 2023-09-12


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