PSTNY - PostNL: Earnings Miss Provides Entry Point On Consolidation Play
Introduction
It’s been a little over 2 years since my last report on PostNL (OTCPK:TNTFF) (OTCPK:PNLYY), when I called the stock a ‘hidden gem’. At that time, my bull thesis relied on a cleared pension deficit and, consequently, a resumption of dividend payments. I was right on both counts, but that hasn’t made any investor any richer: the stock has basically been dead money. In fact, after last week’s half year update, shares again trade near 52 week lows. That pullback ignores political developments of the recent months. As such, it