Sep 20, 2017

Royal Mail: missive challenges

Such disinterest suggests opportunity, but of what kind? What the Royal Mail has going for it is a reliable and familiar brand. The rub is an operating margin of around 4 per cent, depending on how regular restructuring charges are treated. Attempts to move closer to, say, the 6 per cent margin of German peer Deutsche Post risk industrial action which damages the brand. The need to shift working practices highlights Royal Mail's Amazon conundrum as the service adapts to consumer expectations. Royal Mail has a giant wage bill and a 6 per cent dividend yield.

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