Neopost reported its H1 15 results which are slightly below our expectations. The current operating income before acquisitions reached €112.1m, corresponding to a 19.1% margin, 330bp below last year's performance at 22.4%, consequently the EPS was €1.85, 8% lower than last year. By division, NIO's (mailing business) margin was 21.3% vs 23.5% last year, while the CSS divison (new businesses) was only 0.6%, compared with 10% last year. The cash flow before net cost of debt and income
30 Sep 2015
Dividend cut: a tough but probably the right decision
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Dividend cut: a tough but probably the right decision
Quadient SA (QDT:PAR) | 0 0 0.8% | Mkt Cap: 790.8m
- Published:
30 Sep 2015 -
Author:
Lionel Pellicer -
Pages:
3
Neopost reported its H1 15 results which are slightly below our expectations. The current operating income before acquisitions reached €112.1m, corresponding to a 19.1% margin, 330bp below last year's performance at 22.4%, consequently the EPS was €1.85, 8% lower than last year. By division, NIO's (mailing business) margin was 21.3% vs 23.5% last year, while the CSS divison (new businesses) was only 0.6%, compared with 10% last year. The cash flow before net cost of debt and income