keffertje schreef op 15 mei 2019 09:31:
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* PostNL (Buy – lowered TP from €4.50 to €3.40): No near-term dividend but risk-return inviting
Given the near-term uncertainty on the dividend, we believe a discount vs the sector is justified. We lower our TP from €4.5 to €3.4 but stick to our Buy rating at this stage based on what we see as an inviting risk-reward proposition. Next to synergies generated by a consolidation with Sandd and the resulting easing of competition in mail in NL, we think PostNL is well positioned to capture e-commerce growth in the Benelux. Going forward, we expect FCF to improve, supported by accelerated cost savings (2020 / 2021 ex / incl. Sandd), lower unitary cost per parcel delivered, lower interest charges (2019), lower pension cash outs (as of 2020), and synergy benefits. Our TP includes a €0.5/sh option value following Sandd consolidation.