Weak Cash GenerationPersistent negative operating and free cash flow signals the group struggles to convert accounting profits into cash. This limits capacity to fund capex, meet insurance liabilities, sustain dividends, or repay obligations without additional financing or asset sales, weakening long-term resilience.
Declining Revenue TrendNegative revenue growth and recent declines reduce scale and constrain cross-sell potential across postal, banking, and insurance businesses. Sustained top-line weakness can erode margins, limit reinvestment capacity, and pressure long-term earnings and competitive positioning.
Eroding Equity BaseA trend of falling stockholders' equity, even with low leverage, diminishes solvency buffers and increases vulnerability to shocks or underwriting losses. A smaller capital base constrains strategic options and may necessitate capital raises or stricter risk controls over time.