bpost - Risk of significant reclaims is still there
• The Q2 23 REBIT was a few million above expectations due to a resilient performance in Belgium, while North America was lagging• No update yet on compliance review on mispricing of services to government. Potential adverse impact on REBIT remains EUR 25-50m for 2023 alone, with the risk of substantial reclaims for prior years. • Although multiples appear undemanding, this is to reflect the risk of reclaims, fines and future loss of government-related business. We stick to our Hold rating and TP of EUR 4.30 based on our 2024E SOTPBpost 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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