PostNL - Parcels growth is lagging, more cost pressure
• Q3 REBIT below our and consensus expectations, both at Parcels and Mail.• PostNL is now guiding towards the lower end of its FY23 ranges. We will lower our REBIT estimates by at least high single digits. • We stick to Hold and lower our TP from EUR 1.95 to EUR 1.75, based on our 2024E 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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