bpost - Not that bad
• Q3-23 REBIT was actually not that bad, driven by resilience in Belgium.• The new FY23 outlook of a REBIT of >EUR 240m, means that we and consensus will likely move up by around 3%.• Although valuation multiples appear undemanding, not all issues are gone yet (e.g. final reclaim, press concession, risk of fines). We stick to Hold and our TP of EUR 5.20 p/s, based on our 2024E SOTP.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.
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