Oesterreichische Post 4Q 19 - Good operating performance, DPS of EUR 2.08
-4Q 19 results of Oesterreichische Post (the Austrian Post) slightly outperformed RCB and consensus expectations on an operating level (EBITDA EUR 103 mn vs. RCB est. EUR 96 mn and consensus of EUR 100 mn). The bottom line missed market expectations due to a higher tax expenses and higher minority interests (net profit a.m. EUR 41 mn vs. RCB est. EUR 50 mn and consensus of EUR 48 mn).-The better operating performance is the consequence of higher parcel revenues and lower personnel expenses. The latter were compensated by higher other operating costs. Personnel expenses were supported by releases of provisions given a high share of civil servants who retired (approx. EUR 20 mn) and other operating expenses were inflated by set-up costs of the new financial service business (approx. EUR 10 mn).
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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