bpost - Impact of loss of press concession is looming
• Despite lower than anticipated revenues in the US, the Q4-23 results were still solid on EBIT. • However, no specific outlook for 2024 at this stage as it is too difficult to assess the impact of the loss of the press concession. • Although multiples appear undemanding, visibility is low. We lower our TP from EUR 5.20 to EUR 4.40, based on our 2025e SOTP. Hold.Bpost is engaged in the provision of national and international mail and parcels services comprising the collection, transport, sorting and distribution of addressed and non-addressed mail, printed documents, newspapers and parcels. In addition, through its subsidiaries and business units, Co. sells a range of other products and services, including postal, parcels, banking and financial products, express delivery services, document management and related activities. Co. operates through two business units: the Mail & Retail Solutions and the Parcels & International.
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