Oesterreichische Post 3Q 20 - Results and underlying trends in line with expectations
Wrap-up of quarterly results: 3Q 20 operating numbers of Oesterreichische Post (the Austrian Post) were about in line with RCB estimates, but topped Bloomberg consensus which was based on a rather small sample of contributions. Sales increased by 7.3% yoy driven by the full consolidation of Turkish logistics company Aras Kargo (consolidated as of end-August, we assume a contribution of approx. EUR 20 mn, thus we calculate like-for-like growth of some 3%) and strong underlying parcel growth stimulated by online shopping (Austrian volumes +18% yoy in 3Q). The strong parcel trends compensated for declining Mail revenues (-5.6% yoy) and slightly lower revenues from the newly launched Financial Service business vs. the comparable period of last year. The top line trends per segment were in line with our model assumptions (Mail and Financial Services spot on, Parcel & Logistics a notch better) and also the cost lines did not show any visible deviations vs. our forecasts. Operating margins in the two main segments improved, most importantly Parcel & Logistics to 6.9% in 3Q 20 vs. 4.9% in 2Q 20 and Mail to 11.4% from 9.6% in 2Q 20.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.
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