PostNL Conference call feedback + model update
1Q24 revenues decreased 2% y/y to € 765m, or 3.9% below expectations. The revenue decline was driven by a softer than expected parcels volume growth of 4.6% and mail volume decline of 12.5%, as well a negative mix effects at parcels. Together with an uptick in organic costs (mainly labour), the normalized EBIT of € -9m came in below kbcs and css expectation of € -2m. However, given that most of the outlook will be driven by 4Q24, PNL reiterated its FY24 guidance. We reiterate our Hold rating and € 1.4 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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.