bpost Strong Belgium figures drive outlook upgrade, offsetting a soft US market
Bpost reported good 2Q23 results, with the adj. EBIT coming in 13.3% above our estimate. The strong beat was driven by Belgium on the back of cost savings and the commercial hunting plan. This was partially countered by very weak sales figures in the US. After adjusting our estimates, we believe the positive momentum in Belgium will more than offset the weak market conditions in the US and now bank on a slightly higher adjusted EBIT of € 230m in FY23 (prev. € 216m). However, given the uncertainty regarding the compliance review, we reiterate our Reduce rating 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.
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