bpost Ambitious targets, but uncertainty remains
During the CMD on June 3rd, bpost announced its strategic ambitions for the 2024–2027 period. While the 2027 outlook came in well above our estimates, we note that most of the projected Adj. EBIT growth is expected to be back-end loaded, as the group continues to face challenges in 2025 and 2026. Nonetheless, we believe management made a good impression. We were particularly encouraged by the launch of Radial's new fast-track offering in the U.S., with initial customer onboardings trending ahead of expectations. After slightly revising our estimates to the upside, albeit still below the companies' guidance, we increase our TP from € 1.3 to € 1.7ps and reiterate our Hold rating.Bpost 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.
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