Uddrag fra Danske Banks analyse af Post Nord efter regnskab:
PostNord delivered an impressively strong performance in Q4 20, with good growth in sales and the highest operating income in a single quarter since the company was formed in 2009. The results were supported by high parcel volumes and positive effects from the company’s efficiency programmes. Due to improved operating cash flow, net debt declined sequentially from the previous quarter. As of YE 2020, the adjusted net debt to EBITDA stood at 1.7x (endSeptember 2.3x). PostNord also stated that its dialogue with politicians regarding a long-term financially sustainable mail business continues. All in all, we continue to regard the pricing on PostNord’s bonds as fair relative to relevant peers and the ‘BBB’ index in SEK and maintain our Marketweight recommendation.
