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Deutsche Post (A2) 4Q Results

CONSUMER STAPLES

Marginal negative for spreads. Nothing really good here, with extended buyback consuming FCF for the foreseeable future.

Revenue missed consensus by -1%, while EBITDA missed by -2%.

FY FCF at €2.942bn was +3% better than expected. Leverage stands at 1.6x vs 1.3x YoY. Both EBITDA and net debt worsened YoY, with dividends and buybacks more than consuming FCF.

Midpoint of FY24 EBIT forecast -5% below consensus, with FCF forecast in line. Management see flat to down volumes in H1, before a better economic environment in H2.

“Not interested” in buying Schenker, which would have been up to €20bn, which is some relief to credit investors.

Call 09.00 CET https://streamstudio.world-television.com/CCUIv3/registration.aspx?ticket=16-17-39102&target=en-default-&status=live&browser=ns-0-1-0-0-0

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