ENXTAM:PNL

Stock Analysis Report

Executive Summary

PostNL N.V. provides postal and logistics services to businesses and consumers in the Netherlands, rest of Europe, and Internationally.


Snowflake Analysis

Undervalued with moderate growth potential.


Similar Companies

Share Price & News

How has PostNL's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PNL's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

7.4%

PNL

7.0%

NL Logistics

0.3%

NL Market


1 Year Return

-51.6%

PNL

-11.2%

NL Logistics

-23.2%

NL Market

Return vs Industry: PNL underperformed the Dutch Logistics industry which returned -11.2% over the past year.

Return vs Market: PNL underperformed the Dutch Market which returned -23.2% over the past year.


Shareholder returns

PNLIndustryMarket
7 Day7.4%7.0%0.3%
30 Day-14.1%-9.3%-14.3%
90 Day-39.8%-23.4%-24.3%
1 Year-45.4%-51.6%-8.4%-11.2%-20.0%-23.2%
3 Year-66.5%-73.6%-1.4%-10.6%-3.4%-14.0%
5 Year-68.0%-74.8%10.0%-6.4%9.9%-11.2%

Price Volatility Vs. Market

How volatile is PostNL's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is PostNL undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PNL (€1.15) is trading below our estimate of fair value (€3.06)

Significantly Below Fair Value: PNL is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PNL is good value based on its PE Ratio (7.7x) compared to the Logistics industry average (11.6x).

PE vs Market: PNL is good value based on its PE Ratio (7.7x) compared to the Dutch market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: PNL is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: PNL has negative assets, so we can't compare its PB Ratio to the XE Logistics industry average.


Next Steps

Future Growth

How is PostNL forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

18.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PNL's forecast earnings growth (18.5% per year) is above the savings rate (-0.2%).

Earnings vs Market: PNL's earnings (18.5% per year) are forecast to grow faster than the Dutch market (13.7% per year).

High Growth Earnings: PNL's earnings are forecast to grow, but not significantly.

Revenue vs Market: PNL's revenue (2.4% per year) is forecast to grow slower than the Dutch market (5.2% per year).

High Growth Revenue: PNL's revenue (2.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PNL's Return on Equity is forecast to be very high in 3 years time (56.1%).


Next Steps

Past Performance

How has PostNL performed over the past 5 years?

-15.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PNL has a large one-off loss of €45.0M impacting its December 31 2019 financial results.

Growing Profit Margin: PNL's current net profit margins (2.5%) are lower than last year (4.6%).


Past Earnings Growth Analysis

Earnings Trend: PNL's earnings have declined by -15.1% per year over the past 5 years.

Accelerating Growth: PNL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PNL had negative earnings growth (-43.3%) over the past year, making it difficult to compare to the Logistics industry average (14.4%).


Return on Equity

High ROE: PNL's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.


Next Steps

Financial Health

How is PostNL's financial position?


Financial Position Analysis

Short Term Liabilities: PNL has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: PNL has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: PNL has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: PNL's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Debt Coverage: PNL's debt is well covered by operating cash flow (31.3%).

Interest Coverage: PNL's interest payments on its debt are well covered by EBIT (31.6x coverage).


Balance Sheet

Inventory Level: PNL has a high level of physical assets or inventory.

Debt Coverage by Assets: PNL has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.


Next Steps

Dividend

What is PostNL's current dividend yield, its reliability and sustainability?

7.15%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate PNL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate PNL's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if PNL's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if PNL's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: PNL is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of PNL's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.4yrs

Average management tenure


CEO

Herna Verhagen (53yo)

8s

Tenure

€1,095,078

Compensation

Ms. Hendrika W. P. M. A. Verhagen, also known as Herna, has been the Chief Executive Officer of PostNL N.V. since April 23, 2012. She employed with PostNL N.V. since June 1993. She has been Member of Super ...


CEO Compensation Analysis

Compensation vs Market: Herna's total compensation ($USD1.20M) is about average for companies of similar size in the Dutch market ($USD1.36M).

Compensation vs Earnings: Herna's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Hendrika W. P. M. Verhagen
Chairman of the Management Board & CEO8yrs€1.10m0.055% 321.8k
Pim Berendsen
CFO & Member of the Management Board2yrs€831.27k0.0093% 54.3k
Jochem van de Laarschot
Director Communications & Investor Relationsno datano datano data
Arno Van Bijnen
Director of Marketing & Sales Mail Segmentno datano datano data
Bob van Ierland
Director of Group HR Segmentno datano datano data
Mark Pell
Managing Director of Gulf & Saudi Arabiano datano datano data
Timothy Dattels
Co-Head of Asian Operationsno datano datano data
Ganendran Sarvananthan
Managing Director of Asian Business and Partner6yrsno datano data
Louis Gunning
Chief Executive Officer of TNT Express N V6.83yrsno datano data
Resi Becker
Director of Operation for Mail in the Netherlandsno datano datano data

6.4yrs

Average Tenure

53yo

Average Age

Experienced Management: PNL's management team is seasoned and experienced (6.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Marike Van Lier Lels
Independent Member of the Supervisory Board1yrno datano data
Eelco Blok
Independent Member of the Supervisory Board3yrsno datano data
Thessa Menssen
Independent Member of the Supervisory Board8.92yrsno datano data
Frank Rövekamp
Independent Member of the Supervisory Board8yrsno datano data
Jan Nooitgedagt
Independent Chairman of the Supervisory Board1.83yrsno datano data
Agnes Jongerius
Independent Member of the Supervisory Board7yrsno datano data
Jacques Wallage
Independent Vice Chairman of the Supervisory Board1.83yrsno datano data

3.0yrs

Average Tenure

62yo

Average Age

Experienced Board: PNL's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.5%.


Top Shareholders

Company Information

PostNL N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PostNL N.V.
  • Ticker: PNL
  • Exchange: ENXTAM
  • Founded: 1946
  • Industry: Air Freight and Logistics
  • Sector: Transportation
  • Market Cap: €581.135m
  • Shares outstanding: 493.95m
  • Website: https://www.postnl.nl

Number of Employees


Location

  • PostNL N.V.
  • Prinses Beatrixlaan 23
  • The Hague
  • Zuid-Holland
  • 2595 AK
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
0P47LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 1998
PNLENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJun 1998
TNTCDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 1998
TNTF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1998
PNLABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 1998
PN6SWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJun 1998
PSTN.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDFeb 2018

Biography

PostNL N.V. provides postal and logistics services to businesses and consumers in the Netherlands, rest of Europe, and Internationally. The company operates through Parcels, Mail in the Netherlands, and PostNL Other segments. It collects, sorts, transports, and delivers letters and parcels; and provides data and document management, direct marketing, and fulfillment services, as well as cross-border mail, parcels, and packet solutions. The company was formerly known as TNT N.V. and changed its name to PostNL N.V. in May 2011. PostNL N.V. was founded in 1946 and is headquartered in The Hague, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/02 23:17
End of Day Share Price2020/04/02 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.