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Author IOMINVESTCOM     View Profile     Add to favourites     Ignore
Date posted 2017-09-01 12:16
Subject …while deal isn’t enough to sway Liberum 
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…while deal isn’t enough to sway Liberum on Royal Mail
On the other side of the deal, Liberum is encouraged by Royal Mail’s (RMG) sale, but believe it is not enough to outweigh the challenges facing the business.

‘The valuation is broadly in line with our assumptions,’ said Liberum analyst Gerald Khoo.

‘Royal Mail is making encouraging progress in crystallising value from its surplus land portfolio. However, it is delivering only modest incremental value that does not offset the challenging underlying fundamentals of the core business.’

Khoo reiterated his ‘sell’ rating and 385p target price on the shares, which edged 3p higher to 392.6p yesterday.

‘Our overall view on Royal Mail remains unchanged,’ he said. ‘Long term, we see the group as poorly positioned in the parcels market, with growth unlikely to fully offset the secular decline in letters revenue, in our view.’
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