# Oesterr. Post AG (POST.VI)

Canonical: https://gigainvestors.com/s/POST.VI

Analysis as of: 2026-10-16T07:40:11.381Z. Financial observations: FY2005–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 31.10 per share; close as of 2026-10-15.

Estimated value: low EUR 17.90 per share, central EUR 20.37 per share, high EUR 23.66 per share. Buy at or below the central value EUR 20.37 per share. Valuation as of 2026-10-16T07:40:11.381Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.06×

- LTM to Jun 2026: 0.05×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 44.9%

- ROIC, second-lowest year: 17.6%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 17.6%

- Recent gross margin (lower of latest and 3-year median): 14.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 6.0%

- ROIC including acquisitions, ten-year median: 23.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 46.5%

- FY2017: 46.2%

- FY2018: 36.9%

- FY2019: 17.6%

- FY2020: 74.5%

- FY2021: 12.4%

- FY2022: 46.8%

- FY2023: 41.8%

- FY2024: 43.7%

- FY2025: 46.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 505M

- Net income, five-year total: EUR 681M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.7 pp

- Working capital / revenue, change between three-year averages: 18.7 pp

- Working capital / revenue, final three-year average: 26.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.59×

- FY2022: 0.62×

- FY2023: 0.69×

- FY2024: 0.83×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 46.2% vs 43.7%

- Per-share earnings: 2.17 to 1.96 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -427M

- Cumulative retained earnings: EUR 17M

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.6%

- Per-share value change: EUR -0.20

- Per-share value, starting three-year median: EUR 2.17

- Per-share value, ending three-year median: EUR 1.96

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 115M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 46.2%

- ROIC, last three-year median: 43.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.45

- FY2018: EUR 2.13

- FY2019: EUR 2.17

- FY2020: EUR 1.75

- FY2021: EUR 2.25

- FY2022: EUR 1.86

- FY2023: EUR 1.96

- FY2024: EUR 2.04

- FY2025: EUR 1.96

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.74×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -5.4%

- FY2018: -9.1%

- FY2019: -8.9%

- FY2020: -22.9%

- FY2021: -7.1%

- FY2022: 3.8%

- FY2023: -2.1%

- FY2024: 0.2%

- FY2025: -3.5%

## Holders

## Price story

Price needs cash profits to grow 6.2% a year for ten years · sales +1.8%

Story as of 2026-10-16T10:00:11.298Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2025–2026

sales +1.8%; source https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2017: EUR 1.9B 

- FY2018: EUR 2.0B 

- FY2019: EUR 2.0B 

- FY2020: EUR 2.2B 

- FY2021: EUR 2.5B 

- FY2022: EUR 2.5B 

- FY2023: EUR 2.7B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.0B 

- FY2026: EUR 3.1B 

### Gross margin · FY2025

gross margin 14.5%; source https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2016: 26.9% 

- FY2017: 27.4% 

- FY2018: 26.5% 

- FY2019: 29.1% 

- FY2020: 19.4% 

- FY2021: 15.6% 

- FY2022: 14.4% 

- FY2023: 14.9% 

- FY2024: 15.7% 

- FY2025: 14.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are EUR 3 billion.

- Source: https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: revenue 3043200000; grossProfit 442500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); POST.VI: Österreichische Post AG, together with its subsidiaries, provides postal and parcel services in Austria, Germany, Southeast and Eastern Europe, Turkey, and internationally. The company operates through three divisions: Mail, Parcel & Logistics, and Retail & Bank. The Mail division engages in the distribution, collection, sorting, and delivery of letters and document shipments, addressed and unaddressed direct mail, and newspapers and magazines, as well as online services, such as e-letter and cross-media solutions. This division also provides physical and digital services in customer communications and document processing. The Parcel & Logistics division offers solutions for parcel products, express delivery, and food delivery; stationary logistics for pharmaceutical products; and value-added services, including warehousing, order picking, returns management, and web shop logistics and infrastructure, as well as cash and valuable goods transportation services. The Retail & Bank division offers postal and telecommunication, and merchandise, as well as financial services offered by a retail ban and payment transaction services; and bank accounts, transfer services, consumer loans, investment and saving options, housing finance, and insurance; and self-service solutions, such as pick-up and drop-off stations at various locations. The company was incorporated in 1999 and is headquartered in Vienna, Austria. Österreichische Post AG is a subsidiary of Österreichische Beteiligungs AG.

### Why customers stay

Margins ranged from 14.5% to 15.7% during 2023–25; it earns 44.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 15.7%.

- Source: https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: grossProfit / revenue = 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.4647325585492176],[2017,0.4619825014720409],[2018,0.36923058896670463],[2019,0.17599883774795505],[2020,0.7454653913629854],[2021,0.12417853958293394],[2022,0.4684352163270791],[2023,0.41774138916450526],[2024,0.4370026852276657],[2025,0.4668003020576298]]; median 0.4494925933498533. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml (filed 2026-04-29); Gross margin observations: [[2021,0.15598333002579878],[2022,0.14372943182268744],[2023,0.14878867483946293]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 0; upkeep 108500000; owner earnings 119000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 102100000; owner earnings 149900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 139400000; owner earnings 156500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 32976429.560743958; upkeep 120123570.43925604; owner earnings 82696429.56074396. Growth capex / owner earnings = 0.39876485279840773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 1100000; upkeep 142200000; owner earnings 54000000. Growth capex / owner earnings = 0.020370370370370372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 161200000; owner earnings 89960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 151800000; owner earnings 78220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 164700000; owner earnings 91280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 161400000; owner earnings 114580000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: growth capex 0; upkeep 144500000; owner earnings 130700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,132200000],[2017,135100000],[2018,138500000],[2019,140500000],[2020,140500000],[2021,120000000],[2022,128400000],[2023,121000000],[2024,125900000],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 52.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); POST.VI SharesStats.PercentInsiders = 52.800000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.07589947273841013. Price 31.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 31.46 per share

- 2016-11: EUR 30.56 per share

- 2016-12: EUR 32.16 per share

- 2017-01: EUR 33.49 per share

- 2017-02: EUR 34.33 per share

- 2017-03: EUR 37.34 per share

- 2017-04: EUR 38.98 per share

- 2017-05: EUR 38.65 per share

- 2017-06: EUR 38.04 per share

- 2017-07: EUR 38.92 per share

- 2017-08: EUR 37.64 per share

- 2017-09: EUR 39.06 per share

- 2017-10: EUR 38.16 per share

- 2017-11: EUR 37.90 per share

- 2017-12: EUR 37.42 per share

- 2018-01: EUR 38.34 per share

- 2018-02: EUR 39.60 per share

- 2018-03: EUR 40.38 per share

- 2018-04: EUR 39.86 per share

- 2018-05: EUR 39.80 per share

- 2018-06: EUR 39.10 per share

- 2018-07: EUR 40.54 per share

- 2018-08: EUR 38.04 per share

- 2018-09: EUR 36.02 per share

- 2018-10: EUR 35.88 per share

- 2018-11: EUR 32.52 per share

- 2018-12: EUR 30.02 per share

- 2019-01: EUR 32.86 per share

- 2019-02: EUR 34.84 per share

- 2019-03: EUR 37.70 per share

- 2019-04: EUR 34.70 per share

- 2019-05: EUR 30.00 per share

- 2019-06: EUR 29.55 per share

- 2019-07: EUR 30.20 per share

- 2019-08: EUR 32.40 per share

- 2019-09: EUR 32.20 per share

- 2019-10: EUR 33.00 per share

- 2019-11: EUR 32.95 per share

- 2019-12: EUR 34.00 per share

- 2020-01: EUR 34.30 per share

- 2020-02: EUR 28.90 per share

- 2020-03: EUR 32.60 per share

- 2020-04: EUR 34.40 per share

- 2020-05: EUR 30.15 per share

- 2020-06: EUR 29.45 per share

- 2020-07: EUR 27.15 per share

- 2020-08: EUR 28.00 per share

- 2020-09: EUR 28.70 per share

- 2020-10: EUR 27.25 per share

- 2020-11: EUR 30.05 per share

- 2020-12: EUR 28.70 per share

- 2021-01: EUR 34.85 per share

- 2021-02: EUR 33.40 per share

- 2021-03: EUR 37.30 per share

- 2021-04: EUR 36.85 per share

- 2021-05: EUR 42.45 per share

- 2021-06: EUR 44.85 per share

- 2021-07: EUR 44.50 per share

- 2021-08: EUR 38.85 per share

- 2021-09: EUR 36.60 per share

- 2021-10: EUR 36.50 per share

- 2021-11: EUR 36.60 per share

- 2021-12: EUR 37.80 per share

- 2022-01: EUR 37.25 per share

- 2022-02: EUR 36.25 per share

- 2022-03: EUR 32.20 per share

- 2022-04: EUR 30.70 per share

- 2022-05: EUR 28.50 per share

- 2022-06: EUR 27.20 per share

- 2022-07: EUR 28.15 per share

- 2022-08: EUR 27.80 per share

- 2022-09: EUR 27.30 per share

- 2022-10: EUR 28.85 per share

- 2022-11: EUR 31.90 per share

- 2022-12: EUR 29.40 per share

- 2023-01: EUR 32.70 per share

- 2023-02: EUR 33.40 per share

- 2023-03: EUR 34.05 per share

- 2023-04: EUR 35.00 per share

- 2023-05: EUR 32.75 per share

- 2023-06: EUR 32.70 per share

- 2023-07: EUR 33.15 per share

- 2023-08: EUR 31.80 per share

- 2023-09: EUR 31.05 per share

- 2023-10: EUR 30.15 per share

- 2023-11: EUR 31.45 per share

- 2023-12: EUR 32.70 per share

- 2024-01: EUR 31.35 per share

- 2024-02: EUR 29.95 per share

- 2024-03: EUR 31.65 per share

- 2024-04: EUR 29.90 per share

- 2024-05: EUR 30.60 per share

- 2024-06: EUR 29.95 per share

- 2024-07: EUR 30.50 per share

- 2024-08: EUR 29.45 per share

- 2024-09: EUR 30.00 per share

- 2024-10: EUR 29.15 per share

- 2024-11: EUR 28.80 per share

- 2024-12: EUR 28.80 per share

- 2025-01: EUR 29.20 per share

- 2025-02: EUR 32.20 per share

- 2025-03: EUR 31.25 per share

- 2025-04: EUR 29.75 per share

- 2025-05: EUR 30.05 per share

- 2025-06: EUR 30.25 per share

- 2025-07: EUR 30.65 per share

- 2025-08: EUR 28.80 per share

- 2025-09: EUR 29.60 per share

- 2025-10: EUR 30.00 per share

- 2025-11: EUR 30.50 per share

- 2025-12: EUR 31.10 per share

- 2026-01: EUR 32.95 per share

- 2026-02: EUR 35.10 per share

- 2026-03: EUR 34.40 per share

- 2026-04: EUR 32.05 per share

- 2026-05: EUR 32.25 per share

- 2026-06: EUR 31.00 per share

- 2026-07: EUR 32.55 per share

- 2026-08: EUR 31.05 per share

- 2026-09: EUR 30.85 per share

- 2026-10: EUR 31.10 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 21.56 per share, central EUR 24.29 per share, high EUR 27.92 per share

- FY2018: low EUR 21.63 per share, central EUR 24.38 per share, high EUR 28.05 per share

- FY2019: low EUR 19.17 per share, central EUR 21.81 per share, high EUR 25.33 per share

- FY2020: low EUR 20.76 per share, central EUR 23.62 per share, high EUR 27.43 per share

- FY2021: low EUR 16.68 per share, central EUR 18.98 per share, high EUR 22.04 per share

- FY2022: low EUR 14.57 per share, central EUR 16.58 per share, high EUR 19.25 per share

- FY2023: low EUR 14.77 per share, central EUR 16.81 per share, high EUR 19.52 per share

- FY2024: low EUR 17.78 per share, central EUR 21.43 per share, high EUR 24.97 per share

- FY2025: low EUR 17.58 per share, central EUR 20.01 per share, high EUR 23.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:55.976Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900MVUWACNUTK8467/2025-12-31/ESEF/AT/0/post/reports/529900MVUWACNUTK8467-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.