Stock Review: Oesterreichische Post decreases 2% in past month 19 February 2020

STOCK REVIEW

Dateline: Thursday February 20, 2020

Oesterreichische Post AG (VI:POST), Austria's 6th largest Industrial company by market cap, has decreased 65.0c (or 1.9%) in the past month to close at EUR33.75 today. Compared with the ATX Index which rose 25.8 points (or 0.8%) in the past month, this represented a relative price change of -2.7%. The volume was 1.0 times average trading per month of 1.6 million shares.

Stock Summary

CurrencyEuro (EUR) 1 EUR = 1.08 USD
LastEUR33.75
Shares Outstanding67,552,638
SectorIndustrial
Market CapEUR2.3 billion (US$2.5 billion)
Week's Range(EUR)33.10 - 34.00
52-Week Range(EUR)29.05 - 36.65
Ave Daily Volume70,725

Financials Summary

Year endedDec 2018Dec 2017Dec 2016
Sales (USD B)2.22.22.2
Pretax (USD M)213.5238.1217.5
Net (USD M)155.1178.3164.8
EPS (EUR)2.132.452.26

+ Net profit was down 13% from US$178.3 million in 2017 to US$155.1 million in 2018.

+ Earnings Per Share (EPS) was down 13.1% from EUR2.45 to EUR2.13.

INDEX

SECTION 1 THE PAST WEEK

SECTION 2 TODAY'S BULLISH SIGNALS

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BULLISH PARAMETERS

SECTION 5 ONGOING BEARISH PARAMETERS

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

SECTION 8 OESTERREICHISCHE POST PEER GROUP ANALYSIS & RANKING

SECTION 9 STOCK NEWS

SECTION 10 OESTERREICHISCHE POST FINANCIALS

SECTION 11 OESTERREICHISCHE POST BOARD OF DIRECTORS

SECTION 12 CORPORATE PROFILE

SECTION 13 GLOSSARY

SECTION 1 THE PAST WEEK

Snapshot: Oesterreichische Post stock was down 5.0c or 0.1% in the past week. Volume in the week was 0.8 times average trading of 353,625 shares. It outperformed the ATX index in 3 out of 5 days. The price ranged between a low of 33.1 on Thursday, Feb 13 and a high of 33.95 on Monday, Feb 17.

DayOesterreichische PostClose price [EUR]Price change %Relative change %Comment
TuesdayDecreases 1.3% on slipping relative strength33.5-1.3-0.3Price fall on falling relative strength
MondayRises for a second consecutive day, a two-day rise of 2.6%33.951.81.9Week-high of 33.95 Top Rise
FridayIncreases33.350.80.2Price/MAP200 above 1 and rising
ThursdayDrops to three-month low on firm volume33.1-2.1-1.8Week-low of 33.1 Steepest Fall; VI*=1.3
WednesdayInches higher, resistance at 12-day EMA33.80.70.02Price rise on rising relative strength

[Volume Index (VI); 1 is average]

SECTION 2 TODAY'S BULLISH SIGNALS

2.1 Uptrend

Price/Moving Average Price and MACD:

- The Price/MAP of 1.05 for POST is higher than the Price/MAP for the ATX Index of 1.04.

- The price to 200-day MAP ratio is 1.05, a bullish indicator. In the past 200 days this ratio has exceeded 1.05, 27 times suggesting further upside. The 50-day MAP of EUR34.10 is higher than the 200-day MAP of EUR32.22, a bullish indicator. The 200-day MAP has increased to EUR32.22. An increase is another bullish indicator.

2.2 High Price Performance Indicators and rank of Oesterreichische Post in the Austrian market:

DescriptionPOST ValueRank In Market
Volatility %1.0In Top Quartile
Today's Trading TurnoverEUR1.5 million (US$1.7 million)In Top Quartile

2.3 Undervaluation

Price/Earnings

- Price/Earnings of 15.8 versus sector average of 17.3. We estimate the shares are trading at a current year P/E of 15.4 and a forward year P/E of 14.9.

Dividend Yield

- The relative yield of the stock, defined by its yield of 6.2%, divided by average yield of dividend yielding stocks in the ATX Index of 3.5% is 176.0%. This suggests the stock is undervalued in dividend yield terms.

MCap/Total Assets

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.4. Compared with the rest of the market the stock is undervalued.

2.4 Other Bullish Signals

- Return on Equity of 20.6% versus sector average of 9.6% and market average of 8.6%.

- Return on Assets of 8.6% versus sector average of 3.4% and market average of 1.4%.

- Return on Capital Employed of 19.6% versus sector average of 9.6% and market average of 3.6%.

- Interest cover defined by EBIT/I is 10.2 times. This indicates it is less leveraged.

- Net profit margin has averaged 7.8% in the last 3 years. This is better than the sector average of 5.4% and suggests a high margin of safety.

- As per the Du Pont analysis, Return on Equity is high at 20.6%. This is computed as net profit margin of 7.4% times asset turnover [sales/assets] of 1.2 times leverage factor [total assets/shareholders' equity] of 2.4.

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Downtrend

Price/Moving Average Price and MACD:

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 33.72 minus the 26-day EMA of 33.91 is negative, suggesting a bearish signal.

Past Week:

- In the past week, volume was 0.8 times average and the shares were down 0.1%.

Past Month:

- The present value of EUR1,000 (PV1000) invested one month ago in Oesterreichische Post is EUR981, for a capital loss of EUR19.

Relative Strength (6 months):

- The stock has a 6-month relative strength of 39 in the Austrian market which means it has underperformed 61% of the market.

3.2 Overvaluation

Price/Sales

- Price/Sales of 1.11 versus sector average of 0.5 and market average of 0.7. We estimate the shares are trading at a current year Price/Sales of 1.1 and a forward year Price/Sales of 1.1.

Price to Book

- The Price to Book of 3.7 higher than average of 2.5 for the Industrial sector and 1.3 for the Total Austrian Market. We estimate the shares are trading at a current year Price to Book of 3.6 and a forward year Price to Book of 3.6.

3.3 Other Bearish Signals

- Total Liabilities/ EBITDA of 7.9 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

Annual Trend in Revenue, EPS and EBITDA:

5-years average annualized earnings growth rate of 3.2%

- Earnings per share growth rate has shown signs of deterioration in recent years. [Year ended, all figures in %]

YearRevenue GrowthEPS GrowthEBITDA Growth
Dec 180.1-13.1-9.1
Dec 1718.4-49.4
Dec 16-15.5113.2-12.4

SECTION 4 ONGOING BULLISH PARAMETERS

4.1 Dividend payout > Market Average

Dividend Payout (%)97.65
Market Average (%)49.6
Spread (PP)48.06

The dividend payout ratio of 97.7% is more than the market average of 49.6% for dividend paying stocks.

4.2 Low Debt to Equity

YearsDebt to Equity (%)
Dec 20180.97
Dec 20170.49
Dec 20160.55

The debt to equity ratio of 1.0% is under a safe benchmark figure of 50%. However, it has deteriorated from 0.5% a year ago.

4.3 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged 7.7%. The Moving Annual Return has been positive in 3 of the last 5 years. An investment a year ago in POST would have produced a return of 11.4%.

POSTClose (EUR)Dividends (EUR)Capital Gain / (Loss) %% YieldAnnual Return %
Feb 1933.752.084.96.511.4
1 Yr ago32.172.05(7.9)5.9(2.0)
2 Yrs ago34.93219.96.926.8
3 Yrs ago29.131.958.37.315.6
4 Yrs ago26.881.95(19.3)5.9(13.5)

Close 5 years ago EUR33.32

4.4 Present Value of EUR1,000 invested 10 years ago

- The present value of EUR1,000 (PV1000) invested ten years ago in Oesterreichische Post is EUR3,336, including a capital gain of EUR1,341 and dividend reinvested of EUR995.

- 10 years Multiplier in EUR = 3.336x

- Annualized Total Shareholder Returns (TSR) in EUR = 12.8%

4.5 Present Value of USD1,000 invested 10 years ago

- The present value of USD1,000 (PV1000) invested ten years ago in Oesterreichische Post is $US2,455, including a capital gain of $US723 and dividend reinvested of $US732.

- 10 years ago EUR 1 equalled USD 1.467

- 10 years Multiplier in USD = 2.455x

- Annualized Total Shareholder Returns (TSR) in USD = 9.4%

- The average annual compound return on the share price in the last 5 years was 6.2%, exceeding the average annual compound return on the ATX Index of 5.7%.

4.6 High Performance Indicators and rank in the Austrian market:

DescriptionValueRank In Market
Return on Capital Employed [ROCE] %19.6In Top 4%
Total Debt to Equity0.01In Top 4%
Dividend Yield %6.2%In Top 5%
Return on Assets [ROA] %8.6In Top 7%
Return on Equity [ROE] %20.6In Top 7%
Volatility %1.0In Top Quartile
Turnover in QuarterEUR127 millionIn Top Quartile

4.7 Increased VWAP

Past five years, 12 months ended Feb 19 (EUR)

YearHigh PriceVWAPLow Price
202036.6532.5229.05
201939.9534.3127.54
201836.3633.5428.93
201729.727.3923.23
201636.8230.0223.6

In the past five years Volume Weighted Average Price (VWAP) has increased by 8.3% to EUR32.52. Based on a dynamic start date of five years ago, there have been declines in VWAP in 2 out of 5 years.

4.8 Satisfies one criteria of Benjamin Graham

-"Total debt less than tangible book value"; total debt of EUR6.8 million (US$7.8 million) is less than tangible book value of EUR615.9 million (US$703.9 million).-"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-end earnings";there have been 2 declines in earnings in the last 5 years.

4.9 Year-over-year (%) change in dividend:

PeriodendingFY 2017FY 2018
Dividend (EUR)2.052.08

Final dividend for FY 2018 was EUR2.08. The year-on-year change was up 1.5% from EUR2.05 in the previous corresponding period FY 2017.

SECTION 5 ONGOING BEARISH PARAMETERS

5.1 Past 5 years Annual EPS growth:

Annual ReportEPS (EUR)Growth %
20182.13-13.1
20172.458.4
20162.26113.2
20151.06-51.2
20142.1719.2

Average Annual Compounded rate of growth in EPS for the 5 years was muted at 3.2%. There have been three rises and two declines in the past 5 years.

5.2 Low Performance Indicators and rank in the Austrian market:

DescriptionValueRank In Market
Price to Book Value3.7In Bottom Quartile
P/E * P/NTA58.65In Bottom Quartile
EBITDA Margin %6.4In Bottom Quartile

5.3 Declining ADVT past five years

Avg. Daily Volume Traded 12 months ended Feb 19, thousand shares

YearADVT
202070.7
201958.4
201861.3
201798.3
2016168.8

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 58.1% to 70,725 shares.

5.4 Declining Average Daily Turnover

Past five years, 12 months ended Feb 19 (EUR million)

YearAverage Daily Turnover
20202.3
20192.0
20182.0
20172.7
20165.0

In the past five years, average daily share turnover has decreased 54.7% to EUR2.3 million (US$2.5 million). This suggests decreased liquidity.

5.5 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Total shares on issue unchanged.

5.6 DOWNLOAD OESTERREICHISCHE POST FINANCIALS PAST 10 YEARS

Description (December 31)2018201720162015201420132012201120102009
Income Statement
Revenue per share 30.4130.3737.1337.0436.0736.0934.7736.1536.22
Other Revenue (M)96.2112.799.2134.490.589.6
EBITDA (M)124.9137.4271.5309.8338308.5278.1254.1246.5224.7
Depreciation (M)(94.5)(86.8)70.2213.7136.9118.588.883.396.597.4
EBIT (M)219.4224.2201.396.1201.1190189.3170.8150127.3
Interest (M)21.63.64.35.17.118.837.78.51.32.5
Profit before tax (M)197.8220.6201.591194171.2151.6162.3148.7124.8
Tax (M)(53.6)(55.6)48.819.547.247.228.439.130.345.1
Net profit (M)143.7165.2152.771.6146.8123.2123.2123.2118.479.7
EPS 2.132.452.261.062.171.821.821.821.751.18
Balance Sheet
Equity Share Capital (M)697.1697.9669.9641.5702697.1708.6702690.8673.8
Retained Earnings (M)370.5355.4338.4
Total Debt (M)6.83.43.726.379.132.3
Total Assets (B)1.71.71.51.61.71.61.71.71.71.8
Current Asset (M)702.8701.1618.4639.6645573.3653.2660.4647.5634
Fixed Asset (M)652.8615.7597.6571.9597.7649.4637.7587.6610.9695.7
Working Capital (M)142.4154.6142.8123.3108.754.4106.2157.6102.646.5
Cash Flow
Operating Cash Flow (M)295.9255.7223.6216.2232.2250.4246.7228.3179230
Investing Cash Flow (M)(137.5)(109.1)105.1(49)(69.4)(189.9)(115.4)(65.8)(25.3)6.9
Financing Cash Flow (M)(138.1)(134.6)(140.6)(131.3)(138.8)(135.4)(126.8)(165)(134.4)(191.2)
Net Cash Flow (M)20.312188.135.924(74.9)4.5(2.5)19.345.7

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

6.1 TTM Aggregate Volumes

+Vienna: POST.VI Trailing Twelve Month (TTM) volume is 17,564,950; volume 96.81% of aggregate. Average daily volume is 69,153.

TTM Volume Weighted Average Price (VWAP): EUR33.0.

+Xetra: O3P.ETR Trailing Twelve Month (TTM) volume is 578,129; volume 3.19% of aggregate. Average daily volume is 2,396.

TTM VWAP: EUR33.0.

+TTM Aggregate volume: there were 18,143,079 shares of Oesterreichische Post worth EUR594.1 million traded Trailing Twelve Month (TTM).

6.2 The Best 3 weeks in the past quarter

Mon-FriChange %ATX index Change %RPC %Vol Ind [1 is avg]
Dec 09-133.90.83.10.8
Jan 06-101.30.11.20.8
Dec 02-061.10.20.90.7

In the past quarter the week beginning Monday December 09 saw the highest weekly rise of 3.9% for a relative price increase of 3.1%.

6.3 The Worst 3 weeks in the past quarter

Mon-FriChange %ATX index Change %RPC %Vol Ind [1 is avg]
Nov 25-29-2.4-1.1-1.31.1
Feb 03-07-1.72.4-4.11.3
Jan 27-31-1.3-2.311.2

In the past quarter the steepest fall of 2.4% took place in the week beginning Monday November 25.

6.4 Stock Trading Volume and Turnover in the past 3 months

TurnoverUS$137.1 million
Avg daily turnoverUS$2.2 million
Volume3,742,610
Avg daily volume61,354

6.5 Period-based Price Change %

3-Year price change of 15.9% for POST outperformed the change of 14.3% in the ATX index for a relative price change of 1.6%.

Price Change %QuarterYear3 Years
POST-0.74.915.9
Industrial-0.60.20.5
ATX index1.45.814.3

6.6 Alpha, Beta & Standard Deviation

The Alpha of the stock is -3.0. The actual return of 2.39% fell short of the expected return of 4.5%, reflecting underperformance.

The Beta of this stock is 0.6. A Beta lower than 1 suggests this is a lower risk, lower return stock with volatility less than that of the market.

SD is a statistical measure of deviation from the mean. The SD of 1.3% gives it a percentile rank of 32 meaning that 32% of stocks in the Austrian market are less volatile than this stock.

StockInterpretation
Alpha-3.0Underperform
Beta0.6Lower risk, lower return
Standard Deviation1.3Less volatile

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

7.1 Past Quarter

The stock fell 30 times (49.2% of the time), rose 28 times (45.9% of the time) and was unchanged 3 times (4.9% of the time). The aggregate volume was 0.9 times average trading of 70,725 shares. The value of EUR1,000 invested 3 months ago is EUR993 [vs EUR1,014 for the ATX Index] for a capital loss of EUR7.

7.2 Past Year

Oesterreichische Post increases 5% in past year

Oesterreichische Post AG (VI:POST), has increased EUR1.58 (or 4.9%) in the past year to close at EUR33.75 today. Compared with the ATX Index which has risen 5.8% over the same period, this is a relative price change of -0.9%.

The stock fell 121 times (48% of the time), rose 113 times (44.8% of the time) and was unchanged 18 times (7.1% of the time). The value of EUR1,000 invested a year ago is EUR1,109 [vs EUR1,058 for the ATX Index], including a capital gain of EUR49 and dividend reinvested of EUR61.

7.3 Present Value of EUR1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]

PVEUR1,0003 mo ago1 yr ago3 yrs ago
POST.VIEUR993EUR1,109EUR1,368
Industrial sectorEUR994EUR1,009EUR1,005
ATX IndexEUR1,014EUR1,058EUR1,143

7.4 Annualised Period-based Total Shareholder Returns [TSR %]

TSR %1 yr3 yrs5 yrs10 yrs
POST.VI10.910.96.212.8

SECTION 8 OESTERREICHISCHE POST PEER GROUP ANALYSIS & RANKING

8.1 Global Peer Group (all figures in USD): Key Financials

In its Global Peer Group of 9 companies POST is ranked fourth by Net Profit, fifth by MCap, Revenue, sixth by PV $1000 (1 yr), Total Assets and seventh by Relative Str. (6 mo).

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of POST756546
Guangzhou Tinci Materials Technology (002709)962.7B1,641.0294.8M43.2M528.9M
Rockwool International Class A (ROCK A)672.6B1,062.12.9B287.2M2.6B
Doosan Bobcat (A241560)272.6B933.72.9B230.2M5.2B
Wuhan Jingce Electronic Group (300567)892.5B1,651.4199.1M41.4M375.7M
Oesterreichische Post (POST)532.5B1,060.12.2B155.7M1.8B
China Nuclear Engineering (601611)352.4B865.07.4B137.7M13.5B
DFDS (DFDS)752.4B953.52.3B237.5M3.2B
AIA Engineering (AIAENG)622.4B1,118.9446.8M71.5M564.8M
Jeudan (JDAN)902.4B1,521.7193.4M107.5M3.4B

Global Peer Group: Relative Value Indicators

POST is ranked second by P/E, fourth by P/S, P/Book and sixth by Turnover Rate.

CodeCountry CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w HiRetention Ratio
Rank of POST2446
002709CNCNY33.797.7192.64.2
ROCK ADKDKK1,595.017.60.91.42.23.3
A241560KRKRW30,250.040.619.9
300567CNCNY70.6853.012.516.1387.96.475.0
POSTATEUR33.7515.71.13.726.08.62.3
601611CNCNY6.510.31.8138.136.3
DFDSDKDKK284.809.81.13.747.815.586.2
AIAENGINRs1,817.6028.25.44.98.29.386.0
JDANDKDKK1,490.02.61.80.7

8.2 BuySellSignals Fundamentals Valuation Ranking: Oesterreichische Post vs Austrian Market

Out of 43 stocks in the Austrian Market, Oesterreichische Post is ranked first by Total Debt/Equity, second by Yield, fourth by ROA and fourth by ROE.

Austrian AvgPOSTRankRank 1Rank 2Rank 3Lowest Rank
Total Debt/Equity (the lower the better)0.99x0.01x10.01x POST0.03x AMAG0.1x RHIM9.8x BG
Yield (%)3.26.226.5 POS6.2 POST6.05 KTCG0.8 MAN
ROA (%)1.48.648.6 POST7.9 MMK7.5 SPI0.7 WXF
ROE (%)8.620.6420.6 POST18.4 SPI18.002 KTCG-
Free Cash Flow(130.3 M) 147 B RBI1.1 B TKA237.2 M VER
Revenue EUR3.4 B2.1 B1623.8 B OMV15.2 B STR13.6 B VOE29.2 M WXF
Net Profit247.7 million143.7 M191.7 B EBS1.4 B OMV1.2 B RBI(85 M) SEM
Market Cap EUR2.7 B2.3 B1915.1 B EBS14.3 B OMV8.5 B VER25.7 M SWUT
Premium to 52-Wk Low (%)11.116.2200.7 AMAG1.7 OBV2.4 RHIM155.4 SWUT
P/Earnings11.7x15.8x215.8x PYT6.1x RBI6.7x KTCG-
P/Sales0.7x1.1x220.1x POS0.2x STR0.3x PYT21.2x CAI
Discount to 52-Wk High (%)2.987.92753.5 SBO51.2 WOL33.5 LNZ0.4 OBS
Total Assets EUR17.4 B1.7 B28236.8 B EBS140.1 B RBI51.2 B VIG78.7 M SWUT
Price/Net Tangible Assets1.3x3.7x300.6x RBI0.8x PYT0.8x VIG-
EBITDA Margin11.86.43675.4 CAI68.1 IIA54.6 RBI(1.3) FKA

Negative values are shown in brackets.

8.3 Market Share

Oesterreichische Post vs Industrial sector [Industrial sector Total in Brackets]

Revenue of EUR2.1 billion (US$2.2 billion)[5.2% of aggregate sector revenue of EUR39.2 billion; down from 5.6% in the previous year.]

Net Profit of EUR143.7 million (US$155.1 million) [11.9% of aggregate sector net profit of EUR1.2 billion; down from 14.8% in the previous year.]

EBIT of EUR219.4 million (US$236.8 million) [11.0% of aggregate sector EBIT of EUR2 billion; down from 12.1% in the previous year.]

8.4 Share in Index

Oesterreichische Post is a constituent of the following indices. Its market capitalisation accounts for 2.8% of the combined MCap of the ATX Index.

Index NameMCap of Index (USD B)MCap as % of Index
ATX Index87 2.8
ATX Prime Index111 2.2

8.5 Global Rank [out of 47,271 stocks] and Rank of Oesterreichische Post in the Europe Region [out of 7,982 stocks]

DescriptionValueGlobal RankIn Eur Region
MCap (US$)2.5B4,580934
Total Assets (US$)1.8B7,4441,384
Revenue (US$)2.2B4,089805
Net Profit (US$)155.7M4,191860
Return on Equity %20.63,601807
Net Profit Margin %7.414,1852,287
Price to Book3.728,9373,884
Price/Earnings15.711,4031,418
Yield %6.23,860694
PV1000 (1Year) USD*1,06019,9354,224
US$* Change (1Year) %-3.821,9934,481

* 1 year ago EUR 1 = USD 1.13

Feb 19, 2020: EUR 1 equals USD 1.08

8.6 Rank of Oesterreichische Post in the ATX Index [out of 17 stocks], in the Total Austrian Market [out of 59 stocks] and in the Industrial sector [out of 15 stocks]

DescriptionValueIn ATX IndexIn Total Austrian MarketIn Industrial sector
MCap (EUR)2.3B13196
Total Assets (EUR)1.7B14287
Revenue (EUR)2.1B11166
Net Profit (EUR)143.7M13194
Return on Equity %20.6141
Net Profit Margin %7.47193
Price to Book3.7124912
Price/Earnings15.810263
Yield %6.2122
PV1000 (1Year) EUR1,10911276

8.7 Independent Ratings

+ BuySellSignals/News Bites:

Oesterreichische Post AG is placed 27/42 in BuySellSignals News Bites' ranking of Austrian performers in the past year, a percentile ranking of 37.

+ Vanguard Total World Stock ETF 7670:

The stock was one of 7670 global stocks selected by Vanguard Total World Stock ETF (VT). As at Nov 30, 2019, the Vanguard Total World Stock ETF held 9,480 shares worth $US350,301 by value of the ETF's portfolio [Ranked 4123 out of 7670 by value and 15 out of 26 for Austria].

8.8 Long-Term Fundamental Ranking: 5 out of 5 [5 is best]

Oesterreichische Post is ranked number 6 out of 16 listed industrial companies in the Austria with a market capitalization of EUR2.3 billion (US$2.5 billion).

In the industrial companies it has the 7th highest total assets and 6th highest revenues.

Within its sector it has a relatively high P/S of 1.1.

It has a strong relative ROE of 20.6% and ROA of 8.6%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 9 STOCK NEWS

9.1 Oesterreichische Post Corporate Wires

9.1.1 Funding/Capital

June 24 2019: Oesterreichische Post Post Holdings Announces Pricing of Senior Notes Offering

ST. LOUIS, June 24, 2019 -- Post Holdings, Inc. (NYSE:POST) (the "Company" or "Post") today announced the pricing of its previously announced senior notes offering. The Company priced $750.0 million in aggregate principal amount of 5.50% senior notes due 2029 at par (the "Notes"), representing an increase from the original offering size of $500.0 million. The Notes offering is expected to close on July 3, 2019, subject to customary closing conditions. The Notes will be unsecured unsubordinated obligations of the Company and will be guaranteed by the Company's material domestic subsidiaries (other than certain excluded subsidiaries). The Company intends to use the net proceeds from the proposed offering for general corporate purposes, which could include, among other things, financing acquisitions and repayment of indebtedness.

The Notes and the related subsidiary guarantees are being offered in the United States to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related subsidiary guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is not an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

9.1.2 Press Releases

May 21 2019: Oesterreichische Post Post Holdings and TreeHouse Foods Announce HSR Early Termination for Proposed Private Label Ready-to-Eat Cereal Transaction

ST. LOUIS and OAK BROOK, Ill., May 21, 2019 -- Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, and TreeHouse Foods (NYSE: THS) today announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), with respect to the previously announced Post acquisition of the private label ready-to-eat ("RTE") cereal business of TreeHouse Foods (the "TreeHouse RTE cereal business").

The termination of the waiting period under the HSR Act satisfies one of the closing conditions of the transaction. The transaction is now expected to be completed in July 2019, subject to customary closing conditions.

Forward-Looking Statements

Certain matters discussed in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based on known events and circumstances at the time of release, and as such, are subject to uncertainty and changes in circumstances. These forward-looking statements include the expected timing of completion of the transaction. There is no assurance that the acquisition of the TreeHouse RTE cereal business by Post will be consummated, and there are a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the forward-looking statements made herein, including risks relating to the timing and ability to satisfy other closing conditions for the proposed acquisition, the occurrence of any event, change or other circumstance that could delay the closing of the proposed acquisition, and other risks and uncertainties described in Post's and TreeHouse Foods' filings with the Securities and Exchange Commission.

April 08 2019: Oesterreichische Post Post Holdings Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering of its Active Nutrition Business

ST. LOUIS, April 08, 2019 -- Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today announced that one of its subsidiaries has confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (the "SEC") related to its proposed initial public offering of its active nutrition business (the "Active Nutrition business"). The number of shares of stock and the price range for the proposed offering have not yet been determined. The proposed offering is subject to, among other things, completion of the SEC review process and market conditions.

On November 15, 2018, Post announced its plan to pursue an initial public offering of shares of common stock of a company which will be comprised of its Active Nutrition business, which markets and distributes ready-to-drink protein shakes and other beverages, protein powders, nutrition bars and other nutritional supplements under the Premier Protein, Dymatize, PowerBar, Supreme Protein and Joint Juice brands.

There can be no assurance that the confidential submission of a draft registration statement on Form S-1 will result in any transaction or other action by Post. Post does not intend to comment on or provide updates regarding these matters unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

Source: West Corporation

SECTION 10 OESTERREICHISCHE POST FINANCIALS

10.1 Annual Report: Key Parameters

FY2018 Annual Report: Oesterreichische Post Net Profit down 13.0%


Release Date: July 10, 2019

Oesterreichische Post (VI:POST) reported net profit for the year-ended 31 December 2018 of EUR144m ($US164m), down 13% from EUR165m ($US198m) in the previous year. Earnings per share (EPS) were down 13.1% from EUR2.45 ($US2.94) in FY2017 to EUR2.13 ($US2.43) in FY2018.

Major changes compared with previous year:

Favourable Changes:

- Administration expenses to Sales down from 52.6% to 51.5%

- Fixed Assets to Total Assets up from 36.8% to 38.8%

- Total Liabilities to Operating Cash Flow of 3.3 compares favourably with the Joseph Piotroski benchmark of <4. This ratio has improved by 12.9% from the previous year's ratio of 3.8.

Unfavourable Changes:

- Net profit down 13% from EUR165.2m ($US198.2m) to EUR143.7m ($US164.2m)

- EPS down 13.1% from EUR2.45 ($US2.94) to EUR2.13 ($US2.43)

- EBIT Margin down from 11.6% to 11.2%

- Interest cover down 83.7% from 62.3 to 10.2

- EBIT to total assets down from 13.4% to 13.1%

- Cost of Goods Sold to Sales up from 21.1% to 22.5%

- Profit before tax to Sales down from 11.4% to 10.1%

- Interest expenses to Sales up from 0.2% to 1.1%

- Interest revenue to Sales down from 0.8% to 0.4%

- Current ratio down 2.3% from 1.3 to 1.2

- Working capital to total assets down from 9.2% to 8.5%

- Current Debtors to Total Assets down from 20.5% to 18.2%

- Long-term investments to Total Assets down from 10.2% to 8.4%

- Total Liabilities to EBITDA of 7.9 compares unfavourably with the Joseph Piotroski benchmark of <5. This ratio has deteriorated by 10.7% from the previous year's ratio of 7.1.

Note:

- Total revenue steady at EUR2.1b ($US2.3b)

- Total revenue to total assets steady at 1.2

- Total non-current assets to Total Assets up from 58.1% to 58.2%

- Total current assets to Total Assets down from 41.9% to 41.8%

- Net tangible assets per share steady at EUR9.12 ($US10.4)

Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Oesterreichische Post AG (POST)
December 312018201720182017Change
DescriptionEUR mEUR m$US m$US m(%)
Sales Revenue1,958.51,938.92,238.42,326.4Up 1
Total Revenue2,054.62,051.62,348.22,461.6Up 0.1
EBITDA124.9137.4142.7164.9Down 9.1
Depreciation(94.5)(86.8)(108)(104.1)Deterioration 8.9
EBIT219.4224.2250.8269Down 2.1
Pre-Tax Profit/(Loss)197.8220.6226.1264.7Down 10.3
Profit/(Loss) after Tax143.7165.2164.2198.2Down 13
Working Capital142.4154.6162.7185.5Down 7.9
Current Assets702.8701.1803.2841.2Up 0.2
Current Liabilities560.4546.5640.5655.7Up 2.5
Shareholders' Funds697.1697.9796.7837.4Down 0.1
Total Liabilities982.1975.41,122.41,170.3Up 0.7
Total Assets1,681.21,674.21,921.52,008.8Up 0.4
Current Debt6.83.47.84.1Up 100
Total Debt6.83.47.84.1Up 100
Operating Cash Flow295.9255.7338.2306.8Up 15.7
Net Tangible Assets615.9612703.9734.3Up 0.6

Year-on-year comparison of Per Share figures

December 312018201720182017Change (%)
DescriptionEUR EUR $US $US
Sales2928.733.134.4Up 1
EBIT3.23.33.74Down 2.1
EBITDA1.822.12.4Down 9.1
Cash5.3565.9Up 6.2
Working Capital2.12.32.42.7Down 7.9
Shareholders' Funds10.310.311.812.4Down 0.1
Total Liabilities14.514.416.617.3Up 0.7
Total Assets24.924.828.429.7Up 0.4
Net Tangible Assets9.19.110.410.9Up 0.7
EPS Final2.12.52.42.9Down 13.1
   EPS Factor*1.0    

* EPS Factor = Net Profit change/ EPS change

Year-on-year comparison of Performance Ratios

December 3120182017Change (%)
Return on Equity (%)20.623.6Down 12.7
Return on Assets (%)8.69.9Down 13.1
Total debt to net tangible assets (%)1.10.6Up 83.3
Total Liabilities to EBITDA7.97.1Up 10.7
Total Liabilities to Operating Cash Flow3.33.8Down 12.9
Total Liabilities/Total Assets (Steady % from 0.58 to 0.58)0.60.6Steady
Interest Cover10.262.3Down 83.7
Current Ratio1.21.3Down 2.3
Common Size Ratios by Assets %
Total non-current assets to Total Assets 58.2 58.1 Up 0.1
Total current assets to Total Assets 41.8 41.9 Down 0.2
Fixed Assets to Total Assets 38.8 36.8 Up 5.5
Current Debtors to Total Assets 18.2 20.5 Down 11.3
Long-term investments to Total Assets 8.4 10.2 Down 18.0
Common Size Ratios by Sales %
Administration expenses to Sales 51.5 52.6 Down 2.1
Cost of Goods Sold to Sales 22.5 21.1 Up 6.4
Profit before tax to Sales 10.1 11.4 Down 11.2
Interest expenses to Sales 1.1 0.2 Up 492.4
Interest revenue to Sales 0.4 0.8 Down 52.7

Currency Conversion (December 31, 2018): $US1 = EUR0.87

Currency Conversion (December 31, 2017): $US1 = EUR0.83

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged EUR2,229.4M ($US2,548M), EBITDA averaged EUR236.3M ($US270.1M) and Net Profit averaged EUR136.1M ($US155.5M). Compound Annual Growth Rate (CAGR) averaged -4.3% for Total Revenue, 3.1% for Net Profit and -16.5% for EBITDA.

DescriptionAnnual (EUR M)Annual ($US M)5-year Avg (EUR M)5-year Avg ($US M)5-year CAGR %
Total Revenue2,054.62,348.22,229.42,548(4.3)
EBITDA124.9142.7236.3270.1(16.5)
Operating Profit219.4250.8188.4215.32.9
Net Profit143.7164.2136.1155.53.1

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 7.4% was above its 5-year Avg of 6.5% (All Figures in %)

Description20185-year Avg
EBITDA Margin6.410.8
Operating Profit Margin11.29
Net Profit Margin7.46.5
Return on Equity20.619.8
Return on Assets8.68.3
Return on Capital Employed19.617

10.2 Financial Results as reported (Annual)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In EUR Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionEUR MillionEUR Million
Dec 3120182017Change %
Revenue1,958.51,938.9Up 1.0
Other operating income96.2112.7Down 14.6
Total operating income2,054.62,051.6Up 0.1
Raw materials consumables and services used-441.2-409.9Deterioration 7.6
Staff costs-1,008.7-1,020.1Improved 1.1
Depreciation amortisation and impairment losses-94.5-86.8Deterioration 8.9
Other operating expenses-295.7-325Improved 9.0
Total operating expenses-1,840.2-1,841.9Improved 0.1
Profit from operations214.5209.7Up 2.3
Results from financial assets accounted for using the equity method-3.6-1.9Deterioration 89.5
Financial income8.516.4Down 48.2
Financial expenses-21.6-3.6Deterioration 500.0
Other financial result-13.112.8Deterioration
Total financial result-16.710.9Deterioration
Profit before tax197.8220.6Down 10.3
Income tax-53.6-55.6Improved 3.6
Profit for the period144.2165Down 12.6
Attributable to:
Shareholders of the parent company143.7165.2Down 13.0
Non-controlling interests0.6-0.2Recovery
EARNINGS PER SHARE (EUR)
Basic earnings per shareEUR2.13EUR2.45Down 13.1
Diluted earnings per shareEUR2.13EUR2.45Down 13.1
Weighted average number of ordinary shares Basic67,552,63867,552,638Steady
Weighted average number of ordinary shares Diluted67,552,63867,552,638Steady

BALANCE SHEET AS REPORTED

DescriptionEUR MillionEUR Million
Dec 3120182017Change %
ASSETS
Non-current assets
Goodwill58.762.1Down 5.5
Intangible assets24.524.7Down 0.8
Property plant and equipment652.8615.7Up 6.0
Investment property78.485Down 7.8
Financial assets accounted for using the equity method9.28.1Up 13.6
Other financial assets62.486.4Down 27.8
Contract assets0.1
Other receivables14.519Down 23.7
Deferred tax assets77.672.2Up 7.5
978.2973.1Up 0.5
Current assets
Other financial assets45.444.6Up 1.8
Inventories17.322Down 21.4
Contract assets23.5
Trade and other receivables305.7343.6Down 11.0
Tax assets11Steady
Cash and cash equivalents310290Up 6.9
702.8701.1Up 0.2
Assets held for sale0.3
1,681.21,674.2Up 0.4
EQUITY AND LIABILITIES
Equity
Share capital337.8337.8Steady
Capital reserves9191Steady
Revenue reserves298.5287.7Up 3.8
Other reserves-30.1-18.5Deterioration 62.7
Equity attributable to the shareholders of the parent company697.1697.9Down 0.1
Non-controlling interests20.9Up 122.2
699.1698.8Up
Non-current liabilities
Provisions386.3385.1Up 0.3
Other financial liabilities3.53.4Up 2.9
Trade and other payables31.139.3Down 20.9
Deferred tax liabilities0.81.1Down 27.3
421.7428.9Down 1.7
Current liabilities
Provisions164.8178.6Down 7.7
Tax liabilities6.813.2Down 48.5
Other financial liabilities6.83.4Up 100.0
Trade and other payables333351.2Down 5.2
Contract liabilities49
560.4546.5Up 2.5
1,681.21,674.2Up 0.4

CASH FLOW AS REPORTED

DescriptionEUR MillionEUR Million
Dec 3120182017Change %
OPERATING ACTIVITIES
Profit before tax197.8220.6Down 10.3
Depreciation amortisation and impairment losses94.586.8Up 8.9
Results from financial assets accounted for using the equity method3.61.9Up 89.5
Provisions non-cash42.470.3Down 39.7
Other non-cash transactions14.6-63.1Recovery
Gross cash flow352.9316.6Up 11.5
Trade and other receivables52.3-23.5Recovery
Inventories-4.2-3.2Deterioration 31.2
Contract assets-16.5
Provisions-49.7-12.9Deterioration 285.3
Trade and other payables7.321.6Down 66.2
Contract liabilities18
Taxes paid-64.2-42.9Deterioration 49.7
Cash flow from operating activities295.9255.7Up 15.7
INVESTING ACTIVITIES
Acquisition of intangible assets-10.6-8.2Deterioration 29.3
Acquisition of property plant and equipment/investment property-139.4-102.1Deterioration 36.5
Cash receipts from disposal of assets21.37.3Up 191.8
Acquisition of subsidiaries-0.9-5.2Improved 82.7
Disposal of subsidiaries0.8
Acquisition of financial assets accounted for using the equity method-2.6-5.6Improved 53.6
Sale of financial assets accounted for using the equity method0.13.3Down 97.0
Acquisition of other financial instruments-35-0.1Deterioration 34,900.0
Cash receipts from sales of other financial instruments19
Acquisition of financial investments in securities-5-35Improved 85.7
Cash receipts from sales of financial investments in securities2815.3Up 83.0
Loans granted-1.8-1.4Deterioration 28.6
Dividends received from financial assets accounted for using the equity method0.20.2Steady
Interest received8.32.5Up 232.0
Cash flow from investing activities-137.5-109.1Deterioration 26.0
Free cash flow158.4146.6Up 8.0
FINANCING ACTIVITIES
Changes of other financial liabilities1.60.7Up 128.6
Dividends paid-138.8-135.1Deterioration 2.7
Interest paid-1-0.3Deterioration 233.3
Acquisition of non-controlling interests0.1
Cash flow from financing activities-138.1-134.6Deterioration 2.6
Change in cash and cash equivalents20.212Up 68.3
Cash and cash equivalents at January 1290278Up 4.3
Cash and cash equivalents at December 31310.2290Up 7.0

Margins %

Dec 3120182017
Gross Profit Margin82.484.7
EBITDA Margin6.47.1
Earnings from Cont. Ops. Margin11.211.6
Net Income Margin7.48.5

10.3 Dividend History

Trailing 12 months dividend has improved from EUR1.95 in 2016 to EUR2.08 in 2020.

DateValue (EUR)Type
23 Apr 20192.08Final
Tr 12 Months2.08
30 Apr 20182.05Final
2018 - 20192.05
02 May 20172Final
2017 - 20182
26 Apr 20161.95Final
2016 - 20171.95
29 Apr 20151.95Final
2015 - 20161.95

SECTION 11 OESTERREICHISCHE POST BOARD OF DIRECTORS

11.1 Board of Directors and years since appointment

NameDesignationSince Appointment
Georg PolzlChief Executive Officer-
Walter OblinChief Financial Officer8 Yrs
Peter UmundumDirector-
Walter HitzigerDirector-

11.2 Profiles

Georg Polzl

CEO

Georg Polzl has been Chairman of the Board and Chief Executive Officer of Austrian Post since 1 October 2009. He consistently focuses on both the business and the services of Austrian Post. By following this lead, Austrian Post will be able to succeed in times of market liberalisation and prepare the corporation for the future.

Based on its strong position in Austria, Austrian Post's strategy is clearly aligned with the following cornerstones: securing and expanding Austrian Post's market leadership in Austria as well as pursuing growth in selected markets, especially in the Parcel & Logistics Division; continuously improving efficiency and streamlining the cost structure as well as developing even better customer orientation and introducing innovations in all business areas. In cooperation with employees and executives, Austrian Post developed a corporate mission statement designed to serve as a guideline for the organization's corporate culture. This mission statement describes the values the company believes in when it comes to interaction among employees, with clients, business partners and shareholders.

Walter Oblin

CFO

Walter Oblin has been Chief Financial Officer of Austrian Post since 1 July 2012. He is an executive with extensive international experience in the postal and logistics industries who joined Austrian Post in 2009 as the director of the Strategy and Corporate Development Division. His expertise helped take the corporate strategy to the next level and allowed it to be implemented consistently. As the Chief Financial Officer, he is responsible for the following areas: financial reporting, corporate controlling, finance/ Letter Mail Division, Advertising Mail & Branches as well as Parcel & Logistics, treasury, corporate real estate, central purchasing, IT and legal as well as regulatory management. The common denominator of these areas is that they are critical to the company's development and service orientation.

Shareholder Value:

Creation of shareholder value in Oesterreichische Post:

Year of appointment: 2012

In the last 5 years the average annualized return to shareholders was 6.2%. The present value of Euro1,000 (PV1000) invested 5 years ago is now EUR1,347, a gain of EUR13 and dividend reinvested of EUR335.

Walter Hitziger

Director

Walter Hitziger has been a member of the board of Austrian Post since May 2004. Since September 2011, he has led the consolidated Mail & Branch Network Division consisting of a total of 17,000 staff members. This division is in charge of all processes required for letter-mail items, from posting to sorting at six sophisticated logistics centres all the way to delivery.

His division also delivers addressed and non-addressed advertising mail items, both in Austria and abroad, and offers a wide range of advertising solutions for its clients, from coverage optimisation to pinpointed target audience definition. In addition, his division is the place to turn to for newspaper and magazine delivery and discount services for NGOs (Sponsoring.Post).

The Mail & Branch Network Division also offers many innovative and personalised additional services, including geo and dialogue marketing as well as address and document management. In terms of branch network, the division focuses on the sustainable operation of Austrian Post service locations operated in cooperation with BAWAG P.S.K., A1 and Austrian Post Partners throughout Austria. The division continuously strives to increase efficiency both in delivery and branch network operations. In addition, it focuses on customer service and continuous quality improvement.

Peter Umundum

Director

Peter Umundum joined Austrian Post in 2005 as a co-director of the Letter Mail Division. Since 1 April 2011, he has been the board member in charge of the Parcel and Logistics Division, which has a strong market presence and company-owned subsidiaries in ten European countries. The Parcel & Logistics Division's main assets are its comprehensive high-quality parcel services as well as its strong market position, which allows the division to provide efficient logistics services as well as value-added services tailored to the needs of every specific market. The division continues to focus on achieving profitable growth in Europe, expanding its range of services based on customer's needs as well as taking every opportunity to increase efficiency.

SECTION 12 CORPORATE PROFILE

12.1 Stock Identifiers

ISIN: AT0000APOST4

PermID: 4295859112

12.2 Contact details

Websitehttp://www.post.at
Physical AddressPostgasse 8 Vienna, 1010 Austria
Phone+43 (0) 577 67-30400
Fax+43 (0) 577 675-30400
Emailharald.hagenauer@post.at

12.3 Industry & Sector

Classification LevelName of Sector
Economic SectorIndustrials
Business SectorIndustrial Goods

12.4 Primary Exchange and Other Listings

ExchangeTickerLast PriceAvg. Daily VolumeVolume % of TotalVol Index*
ViennaPOSTEUR33.7570,67992.80.6
XetraO3PEUR33.506,7437.20.5
Total100.00

* 1-day (1 is avg)

12.5 Activities

Oesterreichische Post AG offers mail delivery services. The Company delivers mail and parcels and operates post offices.

SECTION 13 GLOSSARY

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

PV1000: Present value of 1000 invested 1 year/'n' years ago

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

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