PostNL - Parcels in recovery mode
• The Q2-23 REBIT was stronger than anticipated, supported by higher parcels volumes, while Mail was below expectations. • PostNL raises its FY23 guidance from to EUR 100-130m vs EUR 70-100m, driven by operational leverage at Parcels.• We see room to raise our TP to EUR 1.95 (was still EUR 1.55) based on our 2024E SOTP and a double digit increase in our REBIT estimates. Hold.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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