PostNL Climbs as Pricier Stamps Improve Outlook: Amsterdam Mover
PostNL NV (PNL) rose the most in two months after the Dutch postal operator raised its full-year forecast and announced higher prices for stamps.
PostNL gained as much as 7.3 percent, the biggest intraday jump since July 19, and was up 4.4 percent at 3.07 euros as of 11:03 a.m. in Amsterdam, valuing the company at 1.35 billion euros ($1.83 billion). Underlying cash operating income for 2013 is forecast to be higher than the previously stated range of 50 million euros to 90 million euros because of the stamp increase and cost cuts, the company said in a statement today.
“The rate increase for the December stamp as announced today, is expected to result in 5 million euros to 10 million euros additional revenues,” The Hague-based PostNL said. The tariff for the December stamp will be 55 euro cents. The price of a stamp as of Jan. 1 will increase to 64 cents from 60 cents for the basic rate within the Netherlands, PostNL said.
“Good to get the confirmation of the fundamental improvements in environment and performance,” Gert Steens, an Amsterdam-based analyst at SNS Securities, said in a note to investors today. “The sticking restructuring benefits and the benign regulatory price environment confirm our investment case.” Steens has a buy recommendation on the stock.
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