Oesterreichischer Post confirmed at HOLD, TP EUR 36.0 - Model update: Price-cost squeeze and FX headwinds
Oesterreichischer Post confirmed at HOLD, TP EUR 36.0 - Model update: Price-cost squeeze and FX headwindsThe Austrian Post faces headwinds from input cost pressure and FX with limited short-term room for manoeuvre on the price side
Letter mail price hikes require the approval of the regulator and we see a tariff increase as imminent in light of rising inflationary pressure
Shares of the Austrian Post trade at EV/EBIT 22e of 13.5x and PER 22e of 15.3x reflecting significant premiums vs. the median of European postal peers. We regard some premium as justified given the more defensive character and the conservative balance sheet structure but see current premiums limiting upside
We reduce our TP to EUR 36.0 from EUR 43.0 and reiterate our neutral stance
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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