Final day in the red for Poste Italiane (-2% to 10.245 euros) after an initial positive reaction to the “2024 Sustain & Innovate” plan unveiled today and which expects revenues to increase to 12.7 billion in 2024, with an annual rate of annual growth (CAGR) of 3%, thanks to the contribution of all business segments. Net profit is expected to rise to 1.6 billion in 2024, with a CAGR of 6% and + 33% compared to 2020.
Poste indicates a “competitive and sustainable” dividend policy. An initial dividend per share of € 0.55 is expected for 2021, an increase of 14% compared to 2020 (payout ratio of 60%) and then a constant growth of 6% per year by 2024.
“2024 objectives above expectations in terms of turnover, in line with Ebit and net profit (but of better quality with M&P expected at breakeven in 2024 and in profit from 2025) while they are conservative on the dividend payout (54% vs 60% exp) ”, Comments today Equita SIM which has a buy opinion on the Post Office with a target price of 10.6 euros.