Oesterreichische Post Q4 20 - Very strong final quarter, conservative outlook
-Final results in line with preliminary released numbers-Guidance FY 21 calls for at least 10% higher EBIT, which falls somewhat short of market expectations; higher capex spending to enlarge parcel sorting capacities
-DPS 20 of EUR 1.60 (vs. RBI est. of EUR 1.65 and consensus of EUR 1.62)
-Outstanding Parcel & Logistics margin of 12.1% indicates that inefficiencies were overcome
-Mail segment faced significantly less negative effects from lockdown restrictions
-Although we highlight a very strong underlying performance in Q4 20, which was however already communicated with the preliminary results, we see the guidance shoertfall and the higher capex indication as mildly negative for todays trading.
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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