bpost First look: Strong 1Q results driven by surprisingly good parcel volumes
Bpost reported a nice set of 1Q23 results, with the adj. EBIT coming in 1.7% above expectations. However, after adjusting for the negative € 6.3m impact from the compliance review, adj. EBIT came in 10% above css and 12% above KBCSe. The good performance was driven by a very strong parcel volume growth of 9.1% (kbcse: +2%), largely attributable to new customer wins. We welcome the good operational performance but believe that the uncertainty remains too high for now. We reiterate our Reduce and € 4.0 TP.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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