The Ad Caio: “In the plan-Poste profit growth ‘- Il Sole 24 Ore

History Article

Close

This article was published on Oct. 13, 2015 at 7:49.
The last change is the October 13, 2015 at 08:42.

The stock market listing of the Italian Post Office is “a necessary step to ensure the sustainability of long-term in this company, which is a piece of Italy. ” The day on which the tender offer for the shares of the contact group, the CEO Francesco Caio paints a fresco of the company that guides different from that of the collective. “We introduce ourselves as a service infrastructure with national coverage, as a great utility that operates services for citizens – has annotated to the summing up of the new strategy -. with a feature of the economic and financial strength because we are already profitable, and with a business plan that points to a significant increase in earnings. This is the yardstick by which we will be measured in the coming months and years. ”

The group of addresses is a turning point. “The 2014 was a year of transition and minimum for the group’s results. Already in the first half of 2015 it shows the trend of improvement “ensures Luigi Ferraris, CFO of the Italian Post, describing the ford that is going through the Italian Post Office. “We introduce to the market by providing only historical data, we did not give numbers on the future – reiterates Caio -. To get an idea of ​​the possible dividend not take based on the net in 2014 “. Exercise which closed with a net profit of 222 million-1 billion end 2013.
The company has promised to market a pay-out of 80 per cent for the next two years. “In 2014 we generated a cash flow of over 1 billion; net of 428 million investment the cash flow from operations amounted to 623 million, which are available to the shareholders for the payment of the dividend. A pay-out of 80% is absolute respect – added Ferraris – higher than the average international competitors. “

The analysts’ consensus of the consortium of banks that care placement believes credible net profit around 550 million for 2015 and 2016. That year will be characterized “by the process of transformation of the company, while the Growth itself is moved in the following years, “explained the CEO. If these values ​​are confirmed in reality, assuming a sale price of the shares of Poste to 7 Euros (between 6 and 7.5 euro the price range) the dividend yield – ie the return – would be slightly less than 5%.
Caio also confirmed that in two years the dividend policy will be redefined, making apparently rely on the fact that the growth phase can increase the pillar of earnings (and magarianche the value of the shares) and therefore allows a reduction of the pay -out.

We will evaluate the new policy “also according to the investment opportunities that we have,” said the manager. “It’s a political time-limited – said – because we have a plan that changes its nature over time. There is prudence to give appointment to the market to see if and how this policy will change. ”
About estimates of evolution of the main items of the income statement of Poste for the next five years and on which the management is kept private, it should be registered as a prospectus will distance compared to the plan presented in December 2014, that indicated in 2020 revenues, “more than 30 billion” and harvesting more than “500 billion”.

The report admits for the first time officially (so far only IlSole24ore it had reported) that on May 15 the board of directors It approved a new business plan 2015-2019 ‘to take account of some new strategic initiatives decided by the management and to update certain assumptions used for the same. The previous plan must therefore be considered passed. ”
In fact, if in the first half of 2015, revenues have already reached 16 billion, to think that in 5 years are at a lower level is a sign of a perhaps overly cautious approach, even if shares are sold. And again, if the collection at the end of 2014 amounted to 430 billion and end in June 2015 it was already 469 billion, to think that in 2020 is still standing at 500 billion is unrealistic. The IPO of the Italian Post Office is a ‘privatization history, “said the head of the Secretariat of the Ministry of Economy, Fabrizio Pagani, and is not just” to raise funds to reduce debt. Access to capital markets is an important sign because through the stock exchange the company is modernizing. If you believe in the second half Italian Poste must believe in. ”

© ALL RIGHTS RESERVED

Permalink

“+” “+”

“+ last + “ | “Datalunga + +” “+ time +” | real time

“);} else {$ (‘.finanza-right-art .GraficiAndamento’). append (” “+” “+”

“+ last +” | “+ datalunga +” “+ time +”

“);} $ (‘.finanza-right-art .TabellaDati’). append (”

”
 + “” + name + “

”
 + “” + last + “

”
 + “” + a + change + “

”
 + “” + time + “

”
 + ““); }}); $ (‘.finanza-Right-art .TabellaDati’). Trigger (‘dataloaded’); }, DataType: “json”, error: function (XHR, status, error) {console.log (status + “” + error); }});