Value

Being creative in corporate finance costs very little but takes lots of effort, so I was grateful when a sell-side note highlighting the paper value value of Deutsche Post DHL’s (DP-DHL) constituent parts landed in my inbox on Monday. That happened just a day before DP-DHL released an unexpected, preliminary trading update for the second quarter.

Background

The German powerhouse has often been talked about as one of those herre T&L beasts whose corporate tree could well look very different at some ...

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