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Koninklijke KPN NV ADR KKPNY

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Morningstar’s Analysis

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No Surprises in KPN's Q3 2021 Results; Regulator's Report Expected in November; Maintaining Our FVE

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

There were no surprises in narrow-moat KPN’s third-quarter results. Service revenue grew by 0.7% year over year while EBITDA after leases grew 0.3% thanks to cost controls and lower lease expenses. Although operating expenses grew  1.1% this is explained by very strong cost-cutting in third-quarter 2020, which affected comparability. Overall, we are pleased with KPN’s focus on cost controls, being one of the most ambitious European operators on this front, which results in it having leading EBITDA margins and stable cash flow generation. We are maintaining our EUR 2.70 fair value estimate.

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Company Profile

Business Description

KPN is the incumbent telecom operator in the Netherlands. It has around 40% share of the broadband market and 20% of the postpaid mobile market, mainly competing with VodafoneZiggo (mobile and fixed) and T-Mobile Netherlands (mainly mobile). KPN is rolling out fiber to the home in the Netherlands and expects to have most of the country covered by 2025.

Wilhelminakade 123
Rotterdam, 3072 AP, Netherlands
T +31 703434343
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 10,102