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Koninklijke KPN NV ADR KKPNY

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Morningstar’s Analysis

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Koninklijke KPN Delivers on Q4 2020; Fiber Rollout Continues; Maintaining Fair Value Estimate

Analyst Note

| Denise Molina, CFA |

Narrow-moat Koninklijke KPN reported fourth-quarter results slightly above company-provided consensus with shares up 5% at the time of the writing. Revenue came in at EUR 1.35 billion versus an expectation of EUR 1.32 billion, whereas adjusted EBITDA stayed flat year over year at EUR 560 million, with personnel reductions compensating for revenue declines. We are maintaining our fair value estimate.

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Company Profile

Business Description

KPN is a leading telecommunications and IT provider in the Netherlands, with one of the largest wireless and fixed broadband networks in the country. The firm serves both consumer and business customers. In the B2B segment, KPN offers small, medium-, and large-size enterprises a portfolio of services including fixed and mobile telephony, Internet, core connectivity solutions and core IT services such as cloud, security and workspace. Additionally, KPN offers wholesale access to its fixed and mobile networks.

Wilhelminakade 123
Rotterdam, 3072 AP, Netherlands
T +31 703434343
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 10,102