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@andyp
Letter volumes, which RM have a near monopoly on, are in long term decline. Parcel volumes are increasing but RM is competing against many others in this market and competition is not something it knows.
The business has value today, but how it maintains that value as one of it's two core revenue streams is eroded is unknown. Should you invest, you are essentially gambling on Parcelforce's ability to increase it's percentage of the UK parcel business.