Bpost SA BPOSY

IndustrialsFreight & Logistics ServicesBelgium

Last close 1.48 USD on Nov 1, 2026, −36.9% year to date

Quant rating

Quant rating D Rank 300 of 418 in Industrials

Growth D 295 of 418
Valuation C 201 of 418
Quality C 244 of 418
Revisions C 200 of 418
Momentum D 349 of 418

Wall Street consensus Hold (2.60)Average target 2.44 USD +65.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 239M
Enterprise value: 2.2B
52-week range: 1.48 – 2.64
3-year range: 1.48 – 5.42
Dividend yield: 9.54%
Beta (5 years): 0.60
Shares outstanding: 200M
Next earnings: Nov 6, 2026

About the company

Bpost SA, formerly bpost NV is a Belgium-based provider of postal services in Belgium. The Company's services include collection, transport, online parcels, and doorstep financial transactions. It specializes in inbound and outbound international mail and sorting and delivery of letters. The Company also provides solutions in document management, certified electronic communication, and international added value services. It provides services to individuals and corporate customers. The Company's subsidiaries are Altretis NV-SA, BPI NV-SA and Certipost NV-SA, among others. It also operates through CycloSafe, a product that can identify and track down stolen bicycles.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,248	4,482	4,699	4,679	4,868	–
Revenue growth	17.1%	−4.6%	0.4%	−3.9%	−3.1%	0.9%
EPS (basic, normalized)	0.30	0.64	0.80	1.29	1.38	–
EPS growth	−53.9%	−19.8%	−38.0%	−6.1%	–	–
Gross margin	57.5%	58.8%	57.6%	54.9%	53.9%	56.5%
Net margin	−0.9%	−4.7%	1.5%	5.3%	5.9%	1.4%
ROE	−5.1%	−21.7%	6.3%	23.8%	34.2%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,447
Current ratio	1.06x
Long-term debt (mil)	2,619
Net debt (mil)	2,001
Total equity (mil)	835
Net debt / equity	2.40x
Net debt / EBITDA	3.13x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,248	+17.1%	0.4x	640	+16.7%	3.4x	0.30	−53.9%	5.0x
2026	5,087	−3.1%	0.4x	623	−2.7%	3.5x	0.23	−21.1%	6.3x
2027	5,198	+2.2%	0.4x	678	+8.9%	3.2x	0.42	+81.3%	3.5x
2028	5,319	+2.3%	0.4x	716	+5.6%	3.1x	0.57	+34.6%	2.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,087	0.0%	−1.4%	−2.1%	0.23	0.0%	−16.9%	−31.7%
2027	5,198	0.0%	−1.7%	−1.9%	0.42	0.0%	−5.4%	−1.5%
2028	5,319	0.0%	−1.8%	−2.1%	0.57	0.0%	−2.1%	+8.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	991	988	1,025	1,330	1,114	1,089	1,027	1,237	–	–
Sales mean (mil)	1,011	1,007	1,055	1,365	1,150	151	1,030	1,242	–	–
Surprise	−2.0%	−1.8%	−2.9%	−2.6%	−3.1%	+621.4%	−0.3%	−0.4%	–	–
EPS reported	0.22	0.19	−0.07	0.24	0.00	–	–	–	–	–
EPS mean	0.24	0.19	–	0.22	0.21	–	–	–	–	–
Surprise	−10.2%	+0.9%	–	+9.1%	−101.9%	–	–	–	–	–

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BPOSY Bpost SA	239M	3.13x	−0.9%	0.29x	6.3x	3.5x	3.5x	3.2x
SRTA Strata Critical Medical, Inc.	393M	−1.62x	−10.2%	1.41x	−74.0x	59.2x	11.1x	9.1x
SHIP Seanergy Maritime Holdings Corp	345M	2.99x	13.2%	1.10x	5.0x	7.0x	4.3x	5.0x
FIP FTAI Infrastructure Inc.	338M	10.24x	−51.8%	0.41x	−0.7x	−3.1x	16.9x	10.4x
DSX Diana Shipping Inc	311M	–	5.6%	0.56x	12.5x	3.9x	5.9x	4.4x
PAMT PAMT Corp	243M	–	−8.8%	1.20x	–	–	–	–
Mean		3.68x	−8.8%	0.83x	−10.2x	14.1x	8.4x	6.4x
Median		3.06x	−4.8%	0.83x	5.0x	3.9x	5.9x	5.0x

Technical analysis

1M0.0%
3M−15.4%
1Y−40.7%
3Y−71.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bpost SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,248	4,482	4,699	4,679	4,868	5,026
Cost of revenue	2,228	1,847	1,994	2,112	2,243	2,339
Gross profit	3,019	2,635	2,704	2,567	2,625	2,687
Selling, general & administrative expenses	2,398	2,081	2,109	1,997	1,992	2,091
Research & development	–	–	–	–	–	–
Depreciation/amortization	537	366	350	310	305	307
Interest expense (income), operating	–	–	–	0	0	0
Unusual expense (income)	−4.2	308	−3.4	−2.1	−20.6	67.2
Other operating expenses	−7.2	2.2	71.2	−19.5	−35.6	−23.3
Operating income	95.4	−122	177	282	384	245
Net interest income (expense)	−129	−24.8	−23.0	−23.0	−18.9	−15.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−10.3	−6.9	−23.0	54.3	14.0	−194
Net income before taxes	−44.4	−154	132	313	379	36.2
Provision for taxes	2.0	57.3	60.1	65.1	94.9	59.6
Minority interest	−0.9	−1.0	1.1	0.9	0.7	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−47.3	−212	72.5	249	285	−23.6
Extraordinary items	–	–	–	–	–	–
Net income	−47.3	−212	72.5	249	285	−23.6
EBIT, normalized	209	231	188	280	364	312
EBITDA, normalized	747	596	538	589	669	619
Basic EPS, normalized	0.30	0.64	0.80	1.29	1.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bpost SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,475	774	961	1,125	1,032	1,158
Receivables	1,009	955	1,083	1,040	1,056	996
Total inventory	34.1	33.4	28.0	26.2	23.5	39.9
Prepaid expenses	–	–	–	–	–	–
Other current assets	0	0.1	0.1	0.1	0.1	0
Total current assets	2,518	1,762	2,072	2,191	2,111	2,193
Property, plant & equipment	1,695	1,685	1,514	1,497	1,436	1,390
Goodwill	1,390	1,287	745	740	704	711
Intangibles	740	727	150	176	202	231
Long-term investments	3.3	3.4	3.9	3.7	4.8	4.2
Note receivable	38.5	53.1	35.0	35.3	27.2	20.3
Other long-term assets	59.7	25.7	25.5	20.8	223	182
Total assets	6,445	5,543	4,545	4,664	4,708	4,732
Liabilities
Accounts payable	708	708	372	415	435	559
Payable/accrued	–	–	–	–	–	–
Accrued expenses	653	658	663	656	631	627
Short-term debt	0.2	0	0	0.4	0	202
Current portion of long-term debt	823	222	153	329	132	138
Other current liabilities	236	221	651	543	623	596
Total current liabilities	2,421	1,809	1,839	1,943	1,822	2,122
Long-term debt	2,734	2,416	1,271	1,264	1,434	1,423
Minority interest	1.5	0.5	−0.6	−1.8	0.6	1.6
Other liabilities	457	428	302	317	446	475
Total liabilities	5,614	4,654	3,412	3,522	3,702	4,021
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	428	377	402	390	414	445
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	413	405	680	677	555	288
Treasury stock	–	–	–	–	–	–
Other equity	−8.9	108	51.5	75.0	36.8	−21.6
Total equity	831	890	1,133	1,142	1,006	711
Total liabilities & shareholders' equity	6,445	5,543	4,545	4,664	4,708	4,732

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bpost SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−44.4	−154	132	313	379	36.2
Depreciation, depletion & amortization	538	675	350	310	304	389
Deferred taxes	–	–	–	–	–	–
Non-cash items	75.5	−5.5	−19.2	−70.0	−110	102
Changes in working capital	−65.8	38.2	−47.0	−101	−122	171
Cash from operations	504	554	415	452	451	698
Investing activities
Capital expenditures	−173	−152	−171	−176	−196	−180
Other investing cash flows	5.1	−1,320	2.5	155	30.8	24.5
Cash from investing	−168	−1,472	−168	−20.5	−165	−156
Financing activities
Financing cash flow items	−69.8	−29.3	−31.8	−15.0	–	–
Cash dividends paid	–	−27.0	−88.3	−105	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	371	842	−353	−161	−351	−170
Cash from financing	301	785	−473	−281	−351	−170
Foreign exchange effects	−29.2	11.4	−7.0	2.1	19.2	−32.4
Net change in cash	608	−122	−233	153	−46.2	340
Free cash flow	331	402	244	276	255	517

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.