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Analysts’ recommendations

What the analysts say

Should you buy, sell, or hold on to PostNL shares? Here we present the recommendations of financial analysts. Feel free to contact them via mail for more information about PostNL stock.

Broker

Analyst

Recommendation

Target

Date

Barclays Capital

Mark McVicar

Neutral

EUR 2.90

7 Jan 2019

Berenberg

William Fitzalan Howard

Hold

EUR 2.40

6 Nov 2018

Citi

Peter Larkin

Neutral

EUR 2.58

26 Nov 2018

De Groof Petercam

Marcel Achterberg

Hold

EUR 3.00

31 Oct 2018

Goldman Sachs

Matija Gergolet

Buy

EUR 4.00

6 Nov 2018

HSBC

Edward Stanford

Neutral

EUR 2.40

16 Jan 2019

ING

Marc Zwartsenburg

Buy

EUR 5.00

27 Feb 2018

Jefferies

David Kerstens

Buy

EUR 4.50

17 Jan 2019

KBC Securities NV

Ruben Devos

Buy

EUR 4.50

9 Mar 2018

KeplerCheuvreux

André Mulder

Sell

EUR 2.80

2 May 2014

Main First

Tobias Sittig

Buy

EUR 4.00

7 Nov 2018

UBS

Dominic Edridge

Neutral

EUR 3.00

9 Apr 2018

the IDEA!

Henk Slotboom

-

-

-

Adjusted on 17 January 2019/10:55

Disclaimer: PostNL is covered by analysts of the brokerage firms listed above. The list may not be complete and is subject to change. Any opinions, estimates or forecasts regarding PostNL's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of PostNL or our management. By publishing the information above, PostNL does not imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by these analysts. PostNL does not assess, comment on or correct analysts' reports, other than factually. PostNL does not pay any fees for carrying out research for analysts' reports or for the production or publication of analysts' reports, with the exception of credit rating agencies.

Consensus


CONSENSUS PRE 4Q 2018

February 2019




4Q18 E
consensus
FY18 E
consensus
Revenue

Parcels4361,552
Mail in the Netherlands4701,665
PostNL Other2176
Intercompany-129-516
Total Revenue7982,776

Underlying operating income


Parcels39124
Mail in the Netherlands 72126
PostNL Other-9-38
Total underlying operating income99209

changes in pension liabilities

2

11
changes in provisions-12-43
Underlying cash operating income86174



Cost savings1448
Volume decline addressed mail NL11.0%11.0%
Dividend (over 2018)

€ 0.24

Based on estimates of 9 analysts

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