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    EBAY   US2786421030

EBAY INC.

(EBAY)
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Delayed Nasdaq  -  05/20 04:00:00 pm EDT
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InPost's parcel volume slowdown knocks shares

01/07/2022 | 05:44am EDT
FILE PHOTO: An InPost locker is seen in Hackney, London

(Reuters) - Poland's InPost on Friday reported weaker-than-expected growth in quarterly parcel volumes in its home market, sending shares in the parcel locker firm sharply lower.

Fourth-quarter volume of parcels delivered to its flagship automated parcel lockers (APMs) in Poland rose 25% year on year, the company said.

That was below guidance of 29%-35%, analysts at JP Morgan wrote in a note to clients.

InPost shares were down 7.6% at 1018 GMT on the Amsterdam stock exchange, having opened up almost 5%.

JP Morgan analysts attributed the miss to a third-party logistics issue at one of the large e-commerce platforms.

InPost counts Amazon and Polish e-commerce platform Allegro among its clients.

"We saw record daily volumes in December ... more than 2.5 million parcels ordered on the 22nd and 23rd of December were delivered by 3 p.m. on Christmas Eve, with the capacity to ship even more volumes," CEO Rafal Brzoska said in a statement.

In December, InPost, which recently signed a deal with Prosus-owned classifieds platform OLX, introduced same-day delivery to 20 cities in Poland, with guaranteed delivery to APMs by Christmas Eve for parcels dispatched by Dec. 22.

Erste Securities analyst Krzysztof Kawa said he did not understand "such a negative market reaction" as the operating figures were "neutral" and broadly line.

The company lowered its guidance last November on slower-than-expected growth in the e-commerce market.

With 107 million parcels delivered in the fourth quarter and 83 million in the third, there is no reason to worry, he added.

The firm beat its 2021 target numbers of deployed APMs, which already factor in the July acquisition of France's Mondial Relay, with a 66% year-on-year increase globally to 20,367 machines, including 16,445 in Poland.

It had targeted 19,350-19,900 APMs globally, while in late December it said it was on track to meet its guidance of 16,000-16,300 APMs in Poland.

The firm's pick-up and drop-off points (PUDO) parcel volumes in France grew over October-December, while customer usage of newly deployed APMs was stronger than it had expected.

(Reporting by Piotr Lipinski and Dagmarah Mackos in Gdansk; editing by Subhranshu Sahu and Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EBAY INC. -0.69% 44.31 End-of-day quote.-33.37%
INPOST S.A. 3.41% 6.36 End-of-day quote.-39.99%
PROSUS N.V. -0.08% 45.465 End-of-day quote.-38.17%
TESCO PLC 2.04% 260.3 End-of-day quote.-10.21%
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Financials (USD)
Sales 2022 9 749 M - -
Net income 2022 -125 M - -
Net Debt 2022 5 879 M - -
P/E ratio 2022 -225x
Yield 2022 1,87%
Capitalization 24 807 M 24 807 M -
EV / Sales 2022 3,15x
EV / Sales 2023 2,96x
Nbr of Employees 10 800
Free-Float 31,4%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 44,31 $
Average target price 58,45 $
Spread / Average Target 31,9%
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Managers and Directors
Jamie Iannone President, Chief Executive Officer & Director
Stephen J. Priest Chief Financial Officer & Senior Vice President
Paul S. Pressler Chairman
Mazen Rawashdeh Chief Technology Officer & Senior Vice President
Molly Finn Chief Compliance Officer & Vice President
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