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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 3.10

27 Feb 2019

Berenberg

William Fitzalan Howard

Buy

EUR 2.65

10 May 2019

Citi

Peter Larkin

Neutral

EUR 2.58

26 Nov 2018

De Groof Petercam

Frank Claassen

Hold

EUR 2.00

20 May 2019

Goldman Sachs

Matija Gergolet

Buy

EUR 2.50

23 May 2019

HSBC

Edward Stanford

Neutral

EUR 2.07

13 May 2019

ING

Marc Zwartsenburg

Buy

EUR 4.00

19 Feb 2019

Jefferies

David Kerstens

Hold

EUR 2.00

17 May 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

the IDEA!

Henk Slotboom

-

-

-

Adjusted on 24 May 2019/09:15

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 1Q 2019

April 2019




1Q19 E
consensus
FY19 E
consensus
Revenue

Parcels4101,738
Mail in the Netherlands4011,595
PostNL Other1874
Intercompany-138-535
Total Revenue6902,879

Underlying operating income


Parcels28139
Mail in the Netherlands 21100
PostNL Other-10-35
Total underlying operating income40210

changes in pension liabilities

3

10
changes in provisions-10-28
Underlying cash operating income31183



Cost savings1355
Volume decline addressed mail NL10.0%9.4%



Based on estimates of 11 analysts

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