Report
Stefano Toffano ...
  • Wim Gille

PostNL : Model update

>Structural challenges remain - PostNL’s FY23 results underscored the structural tough environment the company operates in, as well as its relative inflexibility to address margin pressures. Inflationary pressures (tight labour market, minimum wage increases), unfavourable shifts in product and customer mix at both divisions and PostNL’s inability to price through all cost increases continue to impact the company’s results. Though we appreciate the increased focus on ...
Underlying
PostNL NV

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.

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
Stefano Toffano

Wim Gille

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