PostNL N.V. (PNL.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-140.2%

-€0.33

vs €0.82 price

Levered DCF

€8.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.81

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-31.55×	30.5×	13.18×	-0.85×	8.51×	6.34×	13.4×	28.01×
P/B	3.05×	2.57×	3.6×	4.73×	4.54×	6.3×	-46.19×	20.09×
P/S	0.16×	0.16×	0.23×	0.27×	0.56×	0.42×	0.34×	0.33×
EV / EBITDA	4.91×	4.32×	4.55×	-1.2×	4.56×	3.75×	4.9×	4.06×
Gross margin	5.0%	12.4%	13.9%	15.5%	20.1%	19.8%	17.3%	11.4%
Operating margin	1.4%	1.1%	2.7%	-41.3%	9.3%	9.0%	4.2%	6.7%
Net margin	-0.5%	0.5%	1.7%	-31.2%	7.4%	6.7%	2.5%	1.2%
Current ratio	1.07×	0.98×	0.73×	1.04×	1.45×	1.3×	1.06×	1.02×
Debt / equity	6.63×	4.81×	5.35×	6.07×	2.5×	4.58×	-45.71×	9.22×
Interest coverage	0.96×	1.19×	3.82×	-61.81×	15.43×	18.31×	9.15×	6.85×
Dividend yield	2.8%	4.2%	4.1%	19.7%	5.8%	0.0%	7.3%	6.8%
Payout ratio	-83.3%	129.4%	52.7%	-16.8%	43.6%	0.0%	98.6%	190.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.2%	8.4%	27.8%	-554.2%	60.3%	99.1%	-342.9%	71.7%
Return on invested capital	3.1%	2.2%	4.3%	-72.8%	15.1%	16.2%	6.6%	17.7%
Return on assets	-0.8%	0.8%	2.5%	-44.2%	10.3%	9.8%	3.4%	1.9%
Free cash flow yield	23.8%	13.1%	13.5%	12.2%	16.0%	7.5%	14.8%	-7.1%
Earnings yield	-3.4%	3.3%	7.7%	-117.2%	13.3%	15.7%	7.4%	3.6%
Enterprise value	€1.2B	€1B	€1.3B	€1.4B	€2.2B	€1.7B	€1.4B	€1.1B
Net debt / EBITDA	2.69×	2.16×	1.96×	-0.46×	0.46×	0.76×	1.62×	0.58×
Cash conversion cycle (days)	22	26	10	20	21	24	12	20