Home 170830 PostNL | the 'U' word
170830 PostNL | the 'U' word

170830 PostNL | the 'U' word

No. pages 4
Description The uncertainties of PostNL's past have been dealt with adequately but have been replaced by new ones; partly external; partly resulting from its updated strategy. Is the stock Uninvestable or could it be Undervalued instead?
Contents Table of Contents

Summary and Conclusions


1. Unpleasant

2. Unheard

3. Unclear
3.1. Introduction
3.2. Key-question: competition or no competition
3.3. A bit of both
3.4. Not the clarity we had hoped for

4. Undeterred
4.1. Sandd's surprise
4.2. Further extension of Sandd's addressable market
4.3. More than meets the eyes
4.4. Sandd will have to clear a number of hurdles
4.5. Labour conditions

5. Unresolved
5.1. Uncertainties have only increased
5.2. Timing of the report
5.3. No clear solution for the near term
5.4. The USO dilemma
5.5. Other issues

6. Undo
6.1. A return into a monopoly
6.2. Antitrust hurdle not insurmountable
6.3. ....moreover because it can offer man a way out of this situation
6.4. Not everybody will be happy though

7. Unsatisfactory
7.1. Welcome news for the much beleaguered shareholders too
7.2. Value MailNL: consensus-based scenario
7.3. Scenario 2: USO to be moved to Sandd
7.4. Scenario 3: 'market solution'
7.5. Scenario 4: consolidation
7.6. Total value PostNL

8. Uninvestable or Undervalued?
8.1. Government and governance
8.2. 'U' for.....?
8.3. When being a leader act as one

Appendices

Created Date: Wednesday August 30, 2017 18:10:55
Last Updated Date: Wednesday August 30, 2017 18:10:56
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