DHLGroup: Stifel still a buyer, but cuts TP

(CercleFinance.com) - Stifel maintains its Buy rating on DHL Group shares, with a price target lowered from E53 to E50.


The analyst believes that, from a commercial point of view, Q4 2023 results were disappointing and that there is no reason to be optimistic for H1 2024.

Nevertheless, Stifel highlights the extraordinary post-pandemic strength of the fundamentals, with EBIT up by more than 50% relative to 2019, while FCF has more than tripled over the same period, despite lower volumes in B2B/Freight.

The broker also points out that, under the effect of the new German postal law, the group's EBIT could reach E8bn and double relative to 2019.


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