PostNL - An unconvincing start
• The Q1-24 missed on EBIT due to a steeper decline at Mail and unfavorable mix at Parcels.• Nevertheless, PostNL sticks to its FY24 guidance range, which has now become even more dependent on Q4. We will lower our estimates towards the lower-end of this guidance range.• We stick to Hold and lower our TP to EUR 1.25 (was EUR 1.35 p/s), based on our 2025E SOTP.PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.
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