bpost First Look - Compliance update & call feedback: less impact than expected
Friday evening, bpost announced that it had finalised the three compliance reviews related to traffic fines, 679 accounts and license plates. The final review found a number of malpractices related to all three services. Pending the conclusion of the relevant ministries, bpost has taken a provision of € 75m. This is well below our original assumption of between € 112 – € 375m, as guided in our note “Pandora's box has been opened”. The expected negative EBIT impact of € 10m is also well below the earlier guided € 25 –€ 50m (o/w € 12.5m booked in 1H23). Hold and € 4.0 TP maintained.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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