PostNL (PNL NA) Netherlands
Report by the IDEA!
Delivery slip - now seeing clear evidence of the insourcing and rerouting by bol.com and at a faster pace than the team at the IDEA! had originally anticipated when they published their bearish report last Oct. On top of that, DHL has stepped up competition. In Belgium, PNL has lost part of its volume to bpost and is facing higher costs for the use of its subcontractors. The pressure on margins is particularly worrying. Reduced pricing power means that tariff increases are insufficient to offset the impact of the 2022 cost inflation, let alone that of 2023.