PostNL - 3Q23: soft parcel volume growth and increased costs, lowers outlook 3Q23: soft parcel volume growth and increased costs, lowers outlook
PNL's 3Q23 results disappointed with the EBIT of € -11m coming in below kbcs and css estimates of respectively € 1m and € 3m. The miss was driven by a softer than expected parcel volume growth of 1.6% (kbcse & css: + 7%), with PNL mentioning that e-commerce remains volatile and visibility uncertain. Following the soft 3Q23 results, PNL expects the FY23 normalized EBIT to come in at the low end of the guided € 100-€ 130m range (kbcse: € 114m). As we will need to revisit our estimates to the downside, we reiterate our Hold rating and € 2.1 TP.PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.
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