bpost - Major acquisition, but at a stretched multiple
• Bpost acquires Staci, a European specialist in third party logistics, for an EV of not less than EUR 1.3bn.• Strategically this acquisition accelerates its transformation. However, the multiple paid of close to 12x EV/EBITDA (pre-IFRS 16) is stretched. Note that Bpost itself is trading at less than 3x.• Awaiting more details from today's conference call, we stick to our Hold rating.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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.