PostNL - Missing guidance, again
• PostNL pre-released FY23 numbers as it missed its latest FY23 guidance range on EBIT. Parcels volumes and mix lagged in Q4, and there was more cost pressure from high illness rates.• FY23 FCF generation was above expectations though. More details on 26 February.• For now, we stick to Hold and put our estimates and TP under review.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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