Tag: Deutsche Post

PIN, TNT Germany create employers' association to fend off German postal minimum wages

Posted by | Sep 3, 2007 | |

PIN Group AG and TNT NV’s TNT Post Germany have founded a new employers’ association to scupper a minimum wage of 9-10 eur sought by rival Deutsche Post World Net AG, PIN’s chief executive Guenter Thiel told Focus magazine.
He said the existing employers’ association headed by former Deutsche Post management board member Wolfhard Bender does not represent the whole industry’s interest, but only those of Deutsche Post.
‘I’m pro minimum wages, but (I’m) contra a dictate by monopoly company Deutsche Post,’ TNT Post Germany’s chief executive Mario Frusch told Focus magazine.
The two companies also plan to include publishing houses in the new association, whose distribution networks Deutsche Post’s competitors could use in the future.
Luxembourg-based PIN Group is 71.6 pct-owned by Axel Springer.

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Deutsche Post mulling free newspaper launch

Posted by | Sep 2, 2007 | |

German mail and logistics group Deutsche Post is planning to launch a free newspaper, the Frankfurter Allgemeine Sonntagszeitung (FAS) said.

A Deutsche Post spokesman told Reuters on Sunday that such a freesheet would be “a legitimate idea” but that “there are no concrete plans at present.”

The European Union wants to liberalize the postal services market in the 27-nation bloc from 2009 and Deutsche Post is under pressure to find new sources of revenue as its national monopoly on letter deliveries ends.

The German government plans to end its last remaining monopoly — delivering letters under 50 grams — from the start of 2008.

The FAS said Deutsche Post could launch a free newspaper soon.

Earlier attempts to launch free newspapers in Germany, Europe’s largest economy, have met with stiff opposition from the country’s established newspaper publishers.

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Deutsche Post denies CFO Ernst will be replaced

Posted by | Aug 31, 2007 | |

Deutsche Post World Net AG denied a report in Financial Times Deutschland that its chief financial officer Edgar Ernst and his deputy Bernd Boecken will be dismissed in reaction to the company’s sluggish share price and harsh investor criticism, a spokesman told Thomson Financial News.

The spokesman confirmed that the company is drafting a new strategy for its communication with financial markets, which chief executive Klaus Zumwinkel will present on Nov 8.

He said that the new strategy will be based on a survey conducted by Boston Consulting Group of what exactly investors and financial markets expect.

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Deutsche Post cut to 'sell' at Goldman Sachs

Posted by | Aug 28, 2007 | |

Goldman Sachs has cut its rating on Deutsche Post to ‘sell’ from ‘buy’ and its target price to 18 eur from 24 eur, according to dealers, saying any delay in German mail liberalization seems unlikely, implying volume loss and margin erosion for the company.

In a note this morning, Goldman said a delay to German mail liberalization – scheduled for 2008 – now seems unlikely.

The broker said a cost-cutting program at Deutsche Post is unlikely to compensate for revenue declines. Liberalization threatens the company’s free cash flow generation and, as such, activist/private equity investors may shy away, reducing pressure for internal change, said Goldman.

Goldman has added Deutsche Post to its ‘conviction sell’ List.

Since it was upgraded to ‘buy’ on January 24, 2006, noted Goldman, the stock has declined 1.1 pct vs. a 19.1 pct increase in the FTSE World Europe.

The German coalition government has agreed to continue with plans to liberalize the market for mail weighing less than 50 grams for January 2008, assuming agreement can be reached on minimum wage legislation, noted Goldman.

It expects this to drive poor share price performance for Deutsche Post.

The broker has reduced its EBIT estimates by 9.5 pct for 2008 and 13.7 pct for 2009.

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Deutsche Post rated second class

Posted by | Aug 28, 2007 | |

German mail operator Deutsche Post is not going to have a very happy new year in 2008 when the German postal sector is liberalized, say the analysts that downgraded the stock on Tuesday.

Although there have been efforts to delay the liberalization of Europe’s 88 billion euro (USD119.9 billion) mail market, which was pushed back to 2011 from 2009 in July, Germany is still on target to open up its national postal sector to competition at the start of next year.

“A delay to German mail liberalization (scheduled for 2008) now seems unlikely,” said Matthew Lloyd, analyst with Goldman Sachs. He told clients that Deutsche Post faced volume loss and margin erosion from increased competition, and downgraded the stock to “Sell” from “Buy.”

Shares in Deutsche Post fell 67 eurocents (91 cents), or 3.1 pct, to 20.82 euros (USD28.37) in Frankfurt. The stock finished bottom of the DAX index, which slid 28.52 points, or 0.4 pct , to 7,457.47.

Although Deutsche Post currently has over 90 pct market share in Germany, the threat to its business from outside competition has seen the company forecast a drop in earnings between 10 pct -20 pct in 2009.

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