Moody’s revises InPost view to positive

Moody’s Ratings said it changed its outlook for InPost SA to positive from stable and affirmed its Ba2 long-term corporate family rating and Ba2-PD probability of default rating (PDR). Concurrently, the agency affirmed the Ba2 backed senior unsecured instrument rating on the company's €490 million and PLN 500 million of notes due in 2027.

“The affirmation of InPost's Ba2 rating and outlook change to positive reflect the company's strong operating performance and Moody's expectation that its credit metrics will continue to improve on the back of solid revenue and EBITDA growth in the next 18 months.

“The company's business model, which is predominantly based on parcel delivery to automated parcel machines (APMs) and pick-up drop-off (PUDO) points, is more efficient than traditional to-door parcel delivery. As a result, InPost has been able to outperform the parcel delivery market, with its parcel volumes increasing by 20% in 2023. In addition, economies of scale and the better utilization of the delivery network support operating leverage. The company's revenue increased by 25% in 2023, with its operating profit reaching PLN 1.5 billion (+59% from 2022),” Moody’s said in a press release.

Moody's said it estimates that InPost revenue will increase at low double-digit annual rates through 2025, with operating profit improving towards PLN 2 billion.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.