19 December 2017Reading time: 2 minutes

According to the recent Q3 2017 report, PostNL’s revenue were EUR 809 million compared to 770 million in Q3 2016. PostNL’s CEO mentioned shortly after the publication of Q3 report that the parcel performance were strong in Q3, due to some positive incidentals events. In the first 9 months of 2017e-commerce accounted for roughly 37 percent of PostNL’s revenue. PostNL aim to become the postal & logistic leader in the Benelux.

Events like Black Friday & Cyber Monday helped to boost the parcels turnover, which growed by 23 percent in the Benelux region in Q3. This added revenue helped to grow the international volume by acquiring logistics services. The international growth of PostNL is one of the main focus of management’s attention. In the Postage market in the Netherlands volume declined further. According to PostNL, the volume in the postage market will decline further surrounded by an environment of growing competition and a shrinking market a consolidation seems inevitable. However the future development remains to be seen.

Recently PostNL rejected a takeover offer from Belgium’s Bpost the most prominent competitor of PostNL in the Benelux region. The merger would have created the fourth-largest postal company in the EU in revenue terms. PostNL declined the offer mainly because it would have created no added value to shareholders. According to PostNL, another argument for declining the merger was that Belgian state would have around 40 percent in the new entity which might led to an oppressive influence of the Belgian state making the combination of both companies inefficient and not agile enough to respond to the challenge in the Benelux market.

At the moment PostNL shares are traded at EUR 4.07 (12.12.2017). The stock reached its annual high at EUR 4.58 (02.05.2017) and its low at EUR 3.91 (29.08.2017). 6 analysts rated PostNL on Buy, 5 on Hold and 3 on Sell. The 12-months target price is estimates with EUR 4.24. On top, PostNL has a current dividend yield of 2.95 percent. PostNL current market capitalization equals EUR 1,845 million. However the future development remains to be seen.

Vontobel products on PostNL are tradable at DEGIRO, Lynx and Interactive Brokers.

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18/02/2020 16:50:00