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1. Company Snapshot

1.a. Company Description

Poste Italiane S.p.A. provides postal, logistics, and financial and insurance products and services in Italy.It operates in four segments: Mail, Parcels and Distribution; Payments and Mobile; Financial Services; and Insurance Services.The Mail, Parcels and Distribution segment offers mail and parcel services, as well as engages in the activities of the distribution network.


As of December 31, 2021, it operated a network of 12,761 post offices in Italy.The Payments and Mobile segment provides payment, card payment, and mobile telecommunications services, as well as payment management, e-money services, and mobile and fixed-line telephone services; and digital services for the public sector.The Financial Services segment is involved in the collection of various forms of savings deposits; provision of payment and foreign currency exchange services, as well as investment services; and promotion and arrangement of loans issued by banks and other authorized financial institutions.


The Insurance Services segment offers life and casualty insurance products.Poste Italiane S.p.A. was founded in 1862 and is headquartered in Rome, Italy.

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1.b. Last Insights on PST

Poste Italiane S.p.A. has demonstrated robust financial performance, with record revenue and profit growth reported in Q2 2025. The company's strategic rebalancing efforts have yielded positive results, despite challenges in mail services. A potential acquisition of a minority stake in PagoPA, a digital payments platform, could further bolster its payments business. Additionally, Poste Italiane's expansion into financial, broadband, and energy supply services has contributed to its growth. According to its recent earnings call, the company's net profit has seen significant increases.

1.c. Company Highlights

2. Poste Italiane's Strong Q3 2025 Results Driven by Diversification and Cost Efficiency

Poste Italiane delivered a robust financial performance in the third quarter and first nine months of 2025, with record group revenues reaching EUR 9.6 billion, up 4% year-on-year, and net profit at EUR 1.8 billion, up 11%. The company's adjusted EBIT grew by 10% to EUR 2.5 billion for the period. Earnings per share (EPS) came in at EUR 0.4367, in line with analyst estimates. The strong performance was driven by the successful migration of clients to the Super App, with 15 million users and 4.1 million daily active users, resulting in increased diversification and cross-selling.

Publication Date: Nov -15

📋 Highlights
  • Record Group Revenues: EUR 9.6 billion in 9 months (up 4% YoY) with adjusted EBIT of EUR 2.5 billion (10% increase).
  • Super App Adoption: 15 million users (4.1 million daily active users in November 2025) post-migration completion.
  • Interim Dividend Increase: EUR 0.40/share (21% YoY growth), totaling EUR 518 million to be paid on November 26.
  • Tim Stake Valuation: EUR 1.1 billion stake in TIM, doubling since prior periods, with potential dividends exceeding EUR 40 million in NII.

Segmental Performance

The Mail, Parcel & Distribution segment reported revenue growth driven by higher parcel volume and client diversification. Financial Services revenue increased by 5% year-on-year to EUR 4.2 billion, supported by Net Interest Income (NII) and solid commercial performance. Insurance Services delivered strong profitability in both Life and Protection segments, with revenues rising 10% in the 9 months. The company's focus on driving revenue growth and diversification is evident in the segmental performance.

Valuation and Dividend Yield

Poste Italiane's valuation metrics indicate a reasonable price for the stock. The Price-to-Book Ratio stands at 2.16, and the Dividend Yield is 5.09%. The company's commitment to returning value to shareholders is evident in the record interim dividend of EUR 0.40 per share, totaling EUR 518 million, up 21% from last year. Analysts estimate next year's revenue growth at 2.3%, indicating a stable outlook for the company.

Strategic Initiatives and Outlook

The company's strategic initiatives, such as the joint venture with TIM for cloud-based services and the focus on transforming its insurance portfolio, are expected to drive future growth. The investment in TIM, now valued at EUR 1.1 billion, is also expected to generate synergies and returns for investors. With a clear commitment to creating long-term value for stakeholders, Poste Italiane is well-positioned for continued success.

3. NewsRoom

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Poste Italiane SpA (PITAF) Q3 2025 Earnings Call Highlights: Record Revenue and Strategic ...

Nov -13

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Poste Italiane considers digital identity fee, analysts see potential 100 million euro profit boost

Sep -26

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Poste Italiane (BIT:PST): Exploring Valuation After a Period of Strong Share Performance

Sep -24

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Poste Italiane SpA (FRA:7PI) Q2 2025 Earnings Call Highlights: Record Revenue and Profit Growth ...

Jul -23

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Italy asks Poste, state mint to revive talks over PagoPA deal

Jul -16

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Poste Italiane SpA (PITAF) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic ...

May -09

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Italy’s state-owned payments firm PagoPA sale hits valuation dispute

Apr -23

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Poste Italiane Now Runs Telecom Italia, and Deals Could Follow

Mar -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.19%)

6. Segments

Financial Services

Expected Growth: 1.2%

Poste Italiane's 1.2% growth in Financial Services is driven by increasing demand for digital payment solutions, expansion of insurance products, and strategic partnerships. Additionally, the company's strong distribution network and growing e-commerce platform contribute to the growth. Furthermore, the Italian government's initiatives to promote digitalization and financial inclusion also support the segment's growth.

Mail, Parcels and Distribution

Expected Growth: 0.8%

Poste Italiane's Mail, Parcels and Distribution segment growth of 0.8% is driven by increasing e-commerce demand, parcel volume growth, and strategic investments in logistics and digitalization. Additionally, the company's focus on cost optimization and efficiency improvements also contribute to the segment's growth.

Insurance Services

Expected Growth: 1.5%

Poste Italiane S.p.A.'s Insurance Services segment growth of 1.5% is driven by increasing demand for life insurance products, expansion of bancassurance channels, and strategic partnerships. Additionally, the Italian government's pension reform and rising awareness of insurance benefits among the aging population contribute to the growth.

Payments and Mobile

Expected Growth: 1.8%

Poste Italiane's 1.8% growth in Payments and Mobile is driven by increasing adoption of digital payment methods, expansion of mobile payment services, and strategic partnerships. Additionally, the Italian government's push for digitalization and cashless transactions, as well as the growing e-commerce market, contribute to this growth.

7. Detailed Products

Postal Services

Poste Italiane provides postal services for sending letters, parcels, and packages across Italy and internationally.

Financial Services

Poste Italiane offers financial services such as payment of bills, insurance, and investment products.

Insurance Services

Poste Italiane provides a range of insurance products including life insurance, health insurance, and home insurance.

Mobile and Telephony Services

Poste Italiane offers mobile phone services and telephony solutions for individuals and businesses.

Digital Services

Poste Italiane provides digital services such as digital identity, digital signature, and online storage solutions.

Logistics and Shipping

Poste Italiane offers logistics and shipping services for businesses and individuals.

Payment Services

Poste Italiane provides payment services such as money transfer, prepaid cards, and payment processing.

8. Poste Italiane S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Poste Italiane S.p.A. is medium due to the presence of alternative services such as private courier services and digital communication platforms.

Bargaining Power Of Customers

The bargaining power of customers for Poste Italiane S.p.A. is low due to the lack of switching costs and the availability of alternative services.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Poste Italiane S.p.A. is medium due to the presence of multiple suppliers and the company's dependence on them for raw materials and services.

Threat Of New Entrants

The threat of new entrants for Poste Italiane S.p.A. is low due to the high barriers to entry, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry for Poste Italiane S.p.A. is high due to the presence of multiple competitors in the market, including private courier services and digital communication platforms.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 90.34%
Debt Cost 3.95%
Equity Weight 9.66%
Equity Cost 8.37%
WACC 4.37%
Leverage 935.40%

11. Quality Control: Poste Italiane S.p.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Poste Italiane

A-Score: 7.5/10

Value: 6.2

Growth: 4.7

Quality: 6.2

Yield: 8.8

Momentum: 9.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Logista

A-Score: 7.4/10

Value: 7.0

Growth: 5.9

Quality: 5.8

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Strabag

A-Score: 6.6/10

Value: 8.1

Growth: 4.7

Quality: 6.2

Yield: 8.1

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Halma

A-Score: 5.7/10

Value: 0.2

Growth: 7.3

Quality: 7.2

Yield: 1.2

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Lifco

A-Score: 4.7/10

Value: 0.5

Growth: 8.0

Quality: 6.9

Yield: 1.9

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Odet

A-Score: 4.6/10

Value: 9.8

Growth: 1.4

Quality: 3.6

Yield: 0.0

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.25$

Current Price

20.25$

Potential

-0.00%

Expected Cash-Flows