ketchup schreef op 8 december 2020 10:34:
staat in de update van investment Banking
consensus 2021
parcels 2.095
mail NL 1.567
Mail Other: 100
norm EBIT: 209
vol growth parcels Benelux 7.7 %
volume decline mail NL - 8.4%
FCF: 112
dividend p share: 22 cent
Investment zelf verwacht 2021 dividend 24 cent
POSTNL : new consensus FY20-21 released , 2020 seems beatable and 2021 seems rational
outcome : positive
recommendation BUY PT 3.85 euro
all in all the consensus seems rational and hence is not seen as a risk for too high expectations which opens the way to a track record of further improving fundamentals
we underline our buy rating and the fact that the shares still trade modestly above the levels seen before the last profit upgrade , ie we see room for a further re-rating