PostNL First Look: Preliminary normalised EBIT of € 92m, misses guidance
In a preliminary update, PNL announced that it expects the FY23 normalised EBIT to come in around € 92.0m, or below the updated 3Q23 guidance (“lower end of € 100- € 130m”). The preliminary EBIT also comes in below kbcse of € 96.0m. FCF is nevertheless expected to be strong at € 52.0m (kbcse: € 11.0m) following capex focus and strict working capital management, hereby keeping the leverage around 1.7x. More details on the 4Q23 & FY23 results and outlook for 2024 will be provided on February 26th. We reiterate our Hold rating and € 1.7 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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