Quite an interesting article in KL (Kauppalehti). I consider the state to be a very significant risk for Posti, not just as the largest owner, but also from the perspective of regulatory risks. Because of this, I believe valuation multiples should account for these risks, which in my opinion means that the dividend yield needs to be genuinely attractive over the long term compared to a situation where the state was not the largest shareholder or could not use regulation as a stick. I haven’t followed European companies focusing on mail delivery and similar operations in the same way, so I can’t comment on Posti’s valuation relative to them, though that would certainly be interesting.
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