Report
Lotte Timmermans

Bpost : Very strong quarter (40% beat), raising our adj. EBIT by 14%

>Very strong set of results, beating 1Q21 adjusted EBIT cons by 40% - Bpost reported a very strong set of results beating 1Q21 adjusted EBIT cons by 40% and the highest estimate by 28%. Revenues increased by 9% to €1bn beating consensus by 2%. Margins surprised us most and showed a sharp recovery. 1Q21 adjusted EBIT amounted to €115.5m resulting in 11% EBIT margin compared to 5% in 4Q20 and 8% in 1Q20. Free cash flow was also strong at €120m (€147m including leas...
Underlying
Bpost SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Lotte Timmermans

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