Oesterreichische Post 1Q 20 - Covid-19 impacts in line with previous communication
1Q 20 wrap up: The operating profit of EUR 33.4 mn was in line with our estimate of EUR 32.4 mn (no consensus available, but the company stated a range of estimates between EUR 29-40 mn). Sales outperformed our expectations on better than expected letter mail revenues (-2.4% yoy vs. RCB est. -4.5% yoy) and stronger Austrian parcel sales (+26.7% yoy vs. RCB est. +23.0%). The slightly stronger top line was compensated for by higher other operating expenses (EUR 77 mn vs. RCB est. EUR 66 mn; 1Q 19 EUR 66 mn; additional leasing personnel to cover additional demand for logistics services, costs for the build-up of the new financial services business). The results included extraordinary personnel expenses of EUR 2.8 mn (RCB est. EUR 0 mn, 1Q 19 EUR 1.3 mn). The better bottom line (net profit a.m. EUR 28.6 mn vs. RCB est. EUR 24.6 mn) relates to positive minority interests (share of Austrian Post in new banking business is 80%).Austrian Post is a logistics and postal services provider in Austria. Its main business activities include the transport and delivery of letters, direct mail items, print media and parcels. Co.'s branch network offers postal, banking and telecommunications products and services to its customers throughout Austria. Co. is also represented by subsidiaries in 12 European markets, particularly in the parcel and logistics segment as well as in unaddressed direct mail items.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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