bpost Ready to start from a clean sheet
Last week Friday, bpost announced the results of the internal compliance review related to the management of the 679 accounts, fines and license plates. Together with the compliance review on the press concessions which was finalized during the 2Q23 results, bpost has now concluded all four compliance reviews. Although the final outcome still depends on the conclusion from the respective ministries, the government audit and the BCA investigation, we now have a more realistic view on what the financial impact will be. Overall, we think the impact will be significantly lower than originally assumed. We have therefore lowered our provisions from € 350m to € 120m and increased our normalized EBIT estimate by c. € 15m for 2023 and beyond. Based on our revised estimates, increased visibility and lower governance risk following the new CEO announcement, we increase our TP from € 4.0 to € 6.9 ps and upgrade our rating from Hold to Buy.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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