PCC Global Plc (PCCGLO) – Initiate with Sell Executive Summary: Sell €8.25% PCCGLO SSN 30s @ ~87c bid (~12% YTW)

研报英文原文证据摘录

PCC Global Plc (PCCGLO) – Initiate with Sell Executive Summary: Sell €8.25% PCCGLO SSN 30s @ ~87c bid (~12% YTW)

obotics) monopoly postal suppliers — they set postage rates major single-supplier leverage. Office stationery (post-

30+ countries. Specialised suppliers (eco-printers, have one-time capex leverage, not recurring power. and Paragon passes them through. German postage OTGI) commoditised.

large-format equipment) have some leverage. regulation change in FY25 demonstrates this risk

concretely (DACH revenue -8%). Paper, equipment

more commoditised.

Threat of Substitutes [HIGH AND GROWING] [MEDIUM] [HIGH (LONG-TERM)] [HIGH AND ACCELERATING]

Fundamental substitute: INSOURCING by clients. Client insourcing (some FMCG companies build their DIGITAL SUBSTITUTION is the structural challenge AI-DRIVEN AUTOMATION by clients themselves

More acutely: DIGITAL MARKETING channels own personalisation lines for high-volume products). — print volumes declining as customers opt for digital (large banks building their own document AI pipelines,

growing while physical PoS is structurally flat. Direct- Direct-to-consumer fulfilment platforms (Shopify statements. BUT Paragon does the digital too, removing need for outsourced inbound processing);

to-consumer brands skip retail entirely. ecosystem) disintermediate smaller brand work regulation often still requires physical, older paperless/digital workflows removing inbound mail

entirely. demographics prefer print. Net effect: volume decline volume entirely; remote work reducing demand for on-

of low single digits offset by pricing/mix shift to digital site mailroom operations. MOST VULNERABLE TO AI

and fixed fees. Insourcing rare given DISPLACEMENT 5-10 YEARS.

regulatory/security complexity.

Source: Deutsche Bank, Company Filings.