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

ABN AMRO

Maarten Bakker

Buy

EUR 5.65

10 Nov 2016

Barclays Capital

Mark McVicar

Underweight

EUR 3.20

10 Aug 2017

BoAML

Mark Manduca

Neutral

EUR 4.80

28 Apr 2017

Citi

Roger Elliott

Hold

EUR 3.85

2 Sep 2016

De Groof Petercam
Marcel AchterbergSellEUR 3.60
10 Aug 2017
Goldman SachsMatija GergoletBuyEUR 4.7015 Sep 2017
HSBCEdward Stanford
HoldEUR 3.80
8 Aug 2017

ING

Marc Zwartsenburg

Buy

EUR 5.75

1 Mar 2017

Jefferies

David Kerstens

Buy

EUR 4.75

18 Sep 2017

JP Morgan

Christopher Combe

Hold

EUR 3.95

7 Aug 2017

KBC Securities NV

Ruben Devos

Hold

EUR 4.00

11 May 2017

KeplerCheuvreux

André Mulder

Sell

EUR 2.80

2 May 2014

Main First

Tobias Sittig

Buy

EUR 4.50

9 Aug 2017

Morgan Stanley

Penelope Butcher

Hold

EUR 4.25

8 Aug 2017

UBS

Dominic Edridge

Neutral

EUR 4.60

21 Nov 2016

the IDEA!

Henk Slotboom

-

-

-

Adjusted on 21 Sep 2017/09:20

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 2Q 2017

July 2017


2Q17 E
consensus
FY17 E
consensus
Revenue

Mail in the Netherlands4331,802
Parcels2511,038
International2751,126
PostNL Other33152
Intercompany-145-606
Total Revenue8503,509

Underlying operating income


Mail in the Netherlands35189
Parcels28115
International326
PostNL Other-6-21
Total underlying operating income59310

changes in pension liabilities

-6

-25
changes in provisions-10-42
Underlying cash operating income43241



Cost savings1565
Volume decline addressed mail NL9.0%8.6%
Dividend (over 2017)

€0.24

Based on estimates of 11 analysts

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