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Despite the warning from Fedex, which had network problems in Europe and suffered from the lockdown in China, Poste confirms an indication of parcel revenues growing y / y in 2H22 thanks to the gradual recovery of inbound volumes from China, which significantly dropped in H2 2021 following the tax changes introduced with the low value consignment and the contribution of Plurima. Equita updates the estimates (Eps 2022-23 +1% / + 2%) by increasing the NII which partly offsets the lower contribution expected from CoP funding and M&P volumes while we consolidate LIS starting from September. The cost of capital was raised to reflect the increase in government yields and the target was raised to 12PS (-4%). BUY confirmed.