Oesterreichische Post cut to HOLD, TP EUR 43.0 - Strong share price move triggered rise of valuation premium
Increased valuation premium vs. the sector following a share price performance of around 45% ytdThe premium is somewhat smaller vs. Deutsche Post as well as Post NL and higher vs. bpost and Royal Mail. We regard some premium as justified given the more defensive character and the very conservative balance sheet structure but see current premiums limiting further upside
We consequently downgrade the share to HOLD from BUY increasing our TP to EUR 43 from EUR 38 resulting from a better than expected H1 performance
Austrian Post published an updated ESG goals earlier this year which could result in an improvement of ESG scores and be supportive for the share price, in our view
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.