DEUTSCHE POST: ON TIME DELIVERY (ANÁLISIS BANCO SABADELL)
Positivo momentum a corto y buenas perspectivas a medio plazo. COMPRARDPW continúa beneficiándose del fuerte impulso del e-commerce y de la reactivación económica, que se refleja en un +128% en EBIT 2T’21 (>100% en 1S’21) y le permite elevar objetivos en 2021/23 de c.+5% hasta un EBIT’23e >7.400 M euros (+1,4% TACC’21/23). A medio plazo las perspectivas son positivas por el desarrollo estructural del e-commerce, un mejor posicionamiento en Express y por mejoras de productividad en Mercancías. Todo ello nos lleva a revisar un +7% el EBIT’21/25e (c.+3% vs objetivo DPW y c.+2% vs consenso), situando el P.O. en 65,3 euros/acc. (+15% vs anterior). A pesar del buen comportamiento del valor (+12% vs ES50 en 2021 y -4% vs sector), vemos recorrido con un potencial >+10% y una atractiva rentabilidad por dividendo (~4%, incluye ~1,4% en recompras de acciones que vemos sostenibles).
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.
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.