DEUTSCHE POST: ESPERANDO OBJETIVOS (ANÁLISIS BANCO SABADELL)
Esperando nuevos objetivos (2023/25). Rebajamos P.O. a 49,0 euros/acc. COMPRAR.No esperamos sorpresas en Rdos.2022 (09/03) alcanzando el objetivo de EBIT ~8.400 M euros. Lo relevante serán los objetivos de EBIT’23/25, que nosotros situamos ahora (tras rebajar estimaciones c.-9%) en ~6.700 M euros y ~7.500 (vs ~8.000 M euros 2025 consenso) por desaceleración macro, normalización en Mercancías y mayores costes de personal. A pesar de todo ello, la solidez financiera (~1x DFN/EBITDA’22e) y la elevada generación de FCL (~6% capitalización en 2023/25e) no comprometen la remuneración al accionista (c.5% rentabilidad por dividendo y ~4% en recompras’22/24e) uno de los principales atractivos y mantenemos COMPRAR con P.O. en 49 euros/acc. (-9% vs anterior y +18% potencial).
Deutsche Post is a mail and logistics services group. In its Mail division, Co. provides domestic and international mail and parcels and is engaged in dialogue marketing, nationwide press distribution services and the electronic services related to mail delivery. Co.'s Express division provides courier and express services to business and private customers globally. Co.'s Global Forwarding, Freight division manages the carriage of goods by rail, road, air and sea, ranging from container transport to solutions for industrial projects. Co.'s Supply Chain division provides warehousing, managed transport and services at every link in the supply chain for customers in a variety of industries.
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