Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEUTSCHE POST AG-REG. We currently have 12 research reports from 1 professional analysts.
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DEUTSCHE POST AG-REG
DEUTSCHE POST AG-REG
E-commerce is the main performance driver
09 Nov 16
The company reported strong Q3 16 results, although revenues declined by 3.9% to €13.86bn. EBITDA jumped 30.4% to €1.09bn and the EBITDA margin improved from 5.8% to 7.9%. EBIT increased disproportionately from €196m to €754m and the EBIT margin increased from 1.4% to 5.4%. In Q3 15, the company wrote-off around €311m which was linked to the failed IT-project with SAP and IBM in the Global Forwarding, Freight division. Excluding this impairment, EBIT improved 48.7% from €507m to €754m. In the first nine months, revenues declined 4.5% to €41.9bn. EBITDA increased 23% to €3.37bn and the EBITDA margin increased from 6.2% to 8%. EBIT went up 63.8% to €2.4bn and the EBIT margin increased from 3.3% to 5.7%.
19 Oct 16
Kühne + Nagel has already reported Q3 16 results. According to the management the company suffered from the insolvency of the South Korean shipping company Hanjin at the end of August. This resulted in additional costs of around €7m (estimate) mainly due to higher freight rates which jumped to 50% in Q3 16. Hanjin has only a worldwide market share of around 1.3%. Latest research (19 October) from Alphaliner revealed a market share of 1.2% based on the shipping volume of 245,979 TEU. THe market leader with a market share of 15.3% is APM Maersk. The main reason for the increase is the year-end shopping-holiday season. Companies have shifted their goods (total value of €12.5bn) from Hanjin to other ocean freight operators. This shift has triggered the freight rate increase. Even without Hanjin, the overcapacity in the market will remain. Therefore we expect freight rates to normalise again but on a much lower level.
Excellent strategic move but too expensive!
29 Sep 16
Deutsche Post DHL is to acquire the UK company UK Mail Group for a total of €280m or £242.7m. Deutsche Post is offering a premium of around 43% or 440p (445.5p including the interim dividend – premium 45%) based on the last share price of 307p. In addition, the company will pay an interim dividend of 5.5pe or additional £m.
Solid operating performance
03 Aug 16
The company reported strong Q2`16 results. Revenues declined 3.5% to €14.2bn (estimate: €14.4bn). EBIT however jumped by 40% to €752m (estimate: €757m). The EBIT margin increased from 3.7% to 5.3%. Net income increased by 66% to €561m (estimate: €521m). All business divisions contributed positively to the operating performance. Germany saw the only revenue increase (by 6.3% to €4.31bn, mainly the PeP division) all the other regions posted revenue declines. In Europe -11.4% to €4.34bn, in the Americas -3% to €2.52bn and in the Asia/Pacific region -3.4% to €2.47bn. In other regions revenues dropped by 6.7% to €560m.
A very smart change in management
28 Jun 16
The CFO, Lawrence A Rosen, will leave the company at the end of September for personal reasons. Melanie Kreis, already a member of the management board, will take over the role as new CFO on 1 September 2016. In 2014, Melanie Kreis was appointed a member of the board with responsibility for human resources. She started her career at McKinsey and joined Deutsche Post DHL in 2004. She was responsible for M&A activities, acquired Exel in 2005 (€5.6bn acquisition price) and organised the sale of Deutsche Postbank successfully. In 2009, she headed the group controlling and, since 2013, was appointed CFO of the Express division upto 2014.
Solid start but still room for improvements
11 May 16
In Q1 16, revenues declined 6.1% to €13.87bn. The revenue decline was mainly driven by the revised revenue recognition terms of a contract with the National Health Service in the UK of around €465m. In addition, negative currency effects contributed €402m to lower revenues. Excluding these two effects revenues would have remained flat. EBIT however improved 21.1% to €872m and the EBIT margin increased from 4.9% to 6.3%. Net profit jumped 29.1% to €639m.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.