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Deutsche Post AG DPW

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B2C Activity Remains Quite Strong and B2B Recovers Nicely in Deutsche Post DHL’s Q2

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Narrow-moat Deutsche Post DHL’s second-quarter organic revenue expanded a solid 25% year over year, with all segments contributing meaningfully. Small-parcel B2C volumes are now facing very tough comparisons, but underlying demand remains quite healthy thanks to the secular e-commerce shift, with high volume levels likely to remain in place. Recall that the pandemic has driven a surge in residential package-delivery demand over the past year for DHL’s German parcel business, the eCommerce Solutions segment, and Express (robust Asia-Pacific TDI activity), while reviving global trade. Of note, B2B shipments are now bouncing back nicely for Express. Also, constrained airlift capacity (out of Asia) is driving solid sell-rate increases (to shippers) for the global forwarding operations, while heavy retailer restocking has lifted air and ocean volume. At the same time, soaring e-commerce activity and new contract wins are driving strong demand for DHL’s supply chain segment. 

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Company Profile

Business Description

Based in Germany, Deutsche Post DHL ranks among the largest parcel-shipping and third-party logistics providers globally. Its DHL divisions (international express shipping, air and ocean freight forwarding, contract logistics, and e-commerce solutions) generated 76% of revenue in 2020. Roughly 24% of revenue comes from the Post and Parcel Germany division, which includes the legacy postal business, the German small-package delivery business, and its international-domestic parcel operations.

Platz der Deutschen Post
Bonn, NW, 53113, Germany
T +49 22818263636
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 504,781

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