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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Poste Italiane S.p.A.    PST   IT0003796171

POSTE ITALIANE S.P.A.

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Poste Italiane buys Italy's second-biggest postal group Nexive

11/16/2020 | 12:36pm EST

MILAN, Nov 16 (Reuters) - Poste Italiane said on Monday it was buying domestic rival Nexive from German fund Mutares and Dutch mail and parcel group PostNL .

Poste Italiane, the former postal monopoly in Italy, said it plans to consolidate Nexive, the country's second-biggest mail group, and its 1,300 workers, giving it a market share in Italy of around 94% in mail delivery and 24% in parcel distribution.

The acquisition will allow Poste to extract synergies from its loss-making smaller rival, which has been struggling to cope with falling mail volumes and the impact of the coronavirus pandemic.

"As a result of the acquisition, we mainly expect cost savings," Poste Chief Executive Matteo Del Fante said, speaking with journalists on Poste's TV channel.

Nexive has an approximate 12% market share, with annual volumes of around 350 million items, of which 5% was registered mail in 2019. It also has a 1% market share in parcels.

"The acquisition will be key for Poste to shorten the time to break-even of its mail, parcel and distribution division," Del Fante said, without giving a precise timeline.

Poste reported a 1.3 billion euro ($1.54 billion) net profit last year as its insurance, banking and digital payments businesses more than offset a 306 million euro loss at its parcel and distribution division. Restrictions linked to the coronavirus pandemic have further reduced mail volumes, it said.

The precise value of the Nexive deal, which is expected to close by January, will be calculated at the end of a due diligence process, Poste said, adding the initial agreement was based on an enterprise value for Nexive of 60 million euros.

The Italian antitrust watchdog has give a preliminary approval to the deal, but has 30 days to ask for potential adjustments.

($1 = 0.8446 euros) ($1 = 0.8445 euros) (Reporting by Francesca Landini; Editing by Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
MUTARES SE & CO. KGAA -2.11% 15.8 Delayed Quote.0.64%
POSTE ITALIANE S.P.A. 0.00% 8.352 Delayed Quote.0.38%
POSTNL N.V. -1.53% 3.085 Real-time Quote.10.57%
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Financials
Sales 2020 10 451 M 12 615 M 12 615 M
Net income 2020 1 001 M 1 208 M 1 208 M
Net cash 2020 2 758 M 3 329 M 3 329 M
P/E ratio 2020 10,9x
Yield 2020 5,78%
Capitalization 10 865 M 13 136 M 13 114 M
EV / Sales 2020 0,78x
EV / Sales 2021 0,67x
Nbr of Employees 124 600
Free-Float 35,3%
Chart POSTE ITALIANE S.P.A.
Duration : Period :
Poste Italiane S.p.A. Technical Analysis Chart | PST | IT0003796171 | MarketScreener
Technical analysis trends POSTE ITALIANE S.P.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 10,58 €
Last Close Price 8,35 €
Spread / Highest target 55,7%
Spread / Average Target 26,7%
Spread / Lowest Target 10,2%
EPS Revisions
Managers and Directors
NameTitle
Matteo del Fante CEO, Director & General Manager
Maria Bianca Farina Chairman
Paolo Martella Chief Operating Officer
Guido Maria Nola Chief Financial Officer
Mirko Mischiatti Chief Information Officer & Head-IT
Sector and Competitors
1st jan.Capitalization (M$)
POSTE ITALIANE S.P.A.0.38%13 136
S.F. HOLDING CO., LTD.-0.37%61 661
ZTO EXPRESS (CAYMAN) INC.1.23%25 248
YTO EXPRESS GROUP CO.,LTD.4.43%5 857
OSTERREICHISCHE POST AG5.75%2 479
BLUE DART EXPRESS LIMITED-4.70%1 265