In the grand ball of the nominations of the public companies, many seats will change. But that doesn't seem to be the case Matthew Del Fante, driving Poste Italiane since April 2017, who remains on pole due to his reconfirmation. A very complex company, active in many businesses, with a large number of employees and customers, a unique capillary and digital presence. Time is running out, by Thursday 13 April, in a single round, the names for the big five will be put in black and white (Poste, Enel, Eni, Terna and Leonardo). Then there will be the assemblies that will ratify the indications coming from the government. And Poste will hold its on May 8th.
In two mandates, the company has undergone profound transformations, from being a giant in the logistics to an increasingly solid omnichannel distribution platform in financial and insurance services, committed to offering services for a clientele that changes over the years, which shows how much a commercial offer can be linked to an era. And success also stems from its digital infrastructure, supported by the widespread network of post offices (12.800) which allow the Group to create that physical-digital hybrid model which is proving to be triumphant in all sectors. If the digital revolution seemed destined to supplant everything physical, Poste Italiane understood that a balanced mix of the two "worlds" is the right way to obtain winning results.
Poste, Del Fante strengthens the accounts in 2022
Certainly the Florentine manager, in recent years at the helm of Poste (first general manager of CDP and then CEO of Terna) has shown that he knows how to combine objectives and results. The last goal was scored recently, communicating i 2022 accountsa Operating income up 24% to 2,3 billion, more than double compared to 2017 and higher than the strategic plan guidance which envisaged an EBIT of 2 billion at the end of the year. L'Net income stands at 1,51 billion, down by 4,3% compared to 2021, but equal to double the level of 2017 which stood at 0,7 billion, while the revenues almost 12 billion. In 2022, the Group generated impacts on the country in terms of GDP of 12,9 billion euro, contribution to labor income of 7 billion and tax revenue of 2,1 billion.
An important growth, supported by the interest margin, by the revenues of the insurance and payments sectors, while the mail and parcels sector is affected by a slower growth of e-commerce compared to 2021 which discounted the pandemic, when volumes were higher (also thanks to the contribution of the courier Nexive, the postal operator acquired by Poste in 2021). Poste Italiane thus confirms itself as a solid group with flourishing growth prospects: so much so that the guidance on the operating result of 2023.
Nothing is missing for the shareholder either, who will certainly appreciate it as well dividend policy more generous. Starting with the Ministry of Economy which holds 29,6% of Poste Italiane, with Cassa Depositi e Prestiti holding 35%. For 2022, the Group will propose to the May shareholders' meeting a dividend of 0,65 euros, an increase of 10% compared to last year and for the Treasury coffers, the check will be close to 250 million.
And Del Fante has already promised the market that the coupon will grow further on the basis of this year's strong results, up to 0,71 euro. (+9% on an annual basis). Another important factor in his assessment is that since 2017 the group has always distributed an increasing dividend to its shareholders.
The title of Poste Italiane
Il title Poste Italiane closed the session of 6 March at 9,24 euros, up 1,18%, with a capitalization of 12,13 billion. Lower than the peak reached in 2021. But it must be kept in mind that the stock market trend depends on various external factors, very often unpredictable. The difficult political and economic situation in fact causes many fibrillations on the Stock Exchange but, in any case, shares can offer higher returns in the long term than bonds.
For the price-to-earnings (PE) ratio, Poste Italiane shares are undervalued by 7,98%. Among the strengths of Poste Italiane which must be taken into account in its assessment is the yield on the dividend. At present it exceeds 7% and is expected to grow in the coming years.
As can be seen from the graph, savers who bought the company's shares on 27 April 2017 – i.e. from the appointment of Matteo Del Fante as CEO – saw the value of the investment grow, considering both the appreciation of the stock and the reinvestment of the coupons collected.
The successful transformation of Poste Italiane
In addition to getting the budget off the ground, Del Fante and the co-director general Joseph Lasco have consolidated and enriched the company's business with initiatives: the traditional mail, parcels and distribution (historic function of Poste), i financial services (in addition to asset management also the relaunch of fruit and savings bonds), i payment systems (offer of current accounts, promotion and placement with the public of loans granted by banks and financial intermediaries, collection of postal savings), le insurance (both in the life and non-life sectors) and an increase in the services provided to the public administration (by importing registry services and motorisation). Not to mention the 25,7 million digital identities released, equal to 14 times the level of 2017, confirming the decisive role of the group in accelerating the transition to digital of Italy. Poste Italiane can also count on PostePay which, from simple prepaid cards have become a very advanced payment instrument, whose positioning as a leading company in the paytech sector has been strengthened by the acquisition of Lis, a digital payment company of the International Game Technology group (former Lottomatica). A strategic choice, because as the CEO himself recalled, it is the "most significant financial acquisition operation in the history of Poste Italiane".
The completion of Poste Italiane's range of offers saw last in chronological order the fiber, which made its market debut in 2021, and the new electricity and gas offer which debuted on the market in the first quarter of 2023 and where in a few months it has already supplied 150 customers, with the aim of doubling them within the year. another project, just left, which tells well the importance of the Company for the territory is -Polis: a proximity one-stop shop for accessing Public Administration services even in small municipalities, thus breaking down the digital divide between the various geographical areas of the country. The 1,2 billion project is financed for 800 million with funds from the PNRR and about 400 million from the company.
A capillary and green network
Poste Italiane has been committed for some time to pursuing a model of Sustainable Development, integrated in a structural way in the strategic objectives defined in Plan “2024 Sustain & Innovate Plus”. Between smart buildings, photovoltaic systems and charging stations, Poste Italiane is working hard to achieve its ambitious sustainability goal: zero emissions by 2030, i.e. well in advance of the 2050 deadline set by the EU. A plan that rests its foundations in the use of energies from renewables. In fact, the electricity offered by Poste Energia "comes 100% from renewables produced in Italy and the carbon dioxide emissions of the gas released for consumption will be compensated through the purchase of carbon credits".
Taking stock of Matteo Del Fante's last 5 years, it can be said that the CEO has passed the management of the Group with full marks, especially in the face of the challenges of recent years, such as those represented by the Covid-19 pandemic and its consequences that have turned the spotlight on digitization - highlighting the structural delay in which our country lives - to the more current ones marked by a turbulent macroeconomic context to say the least.
