Royal Mail: royal muddle

What applied to the guard in Sophocles' Antigone holds good for the C-suite at Royal Mail. These problems should surprise no one familiar with the technological marvel that is email and the proliferation of parcel delivery services in the UK. Yet on Tuesday when Royal Mail put its nine-month update through the letterbox, the market reacted badly. Public howls followed when shares in Royal Mail jumped after its listing in 2013. Royal Mail trades mid-range on a price to forward earnings valuation of 11 times compared with peers such as Austrian Post and Bpost of Belgium. Operational cash flow comfortably exceeds Royal Mail's investment needs.

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