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PostNL (BBBneg) 4Q23: Tough Outlook

CONSUMER STAPLES

4Q results missed on revenue and EBIT, but the 2024 outlook looks very weak. Potential negative read across for peers.

  • 4Q revenues missed by 2%, EBIT by 3%.
  • The real story here is the outlook: projecting normalised EBIT €80-110mn, consensus expectation €121.8mn. Rising labour cost and structural demand changes are blamed.
  • Potential negative read across for DHLGR and FEDEX, who have yet to report Q4. PNLNA only has 2 small € bonds outstanding.
  • https://postnl.vixylive-webinars.com/postnl-q4-fy2023-results webcast 11.00 CET

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