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Koninklijke KPN NV ADR KKPNY

Morningstar Rating
$3.89 −0.15 (3.71%)
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Company Report

KPN Earnings: EBITDAaL Growth Reaches 4.6%, Ahead of Guidance

Narrow-moat KPN's second-quarter results were slightly ahead of company-compiled consensus. Adjusted revenue grew by 4.5% year over year to EUR 1.39 billion, which flowed into the EBITDAaL line which grew by 5.6%, reaching EUR 629 million. Adjusted EBITDA after leases expanded 40 basis points to 45.2%. Management reiterated its yearly outlook, which seems conservative at this point. Management is targeting 3% growth in adjusted revenue and EBITDAaL, while these same metrics are up 3.9% and 4.6% in the first half of the year, respectively. We maintain our EUR 3.20 fair value estimate, with shares remaining slightly overvalued, trading in EUR 3.60 territory.

Price vs Fair Value

KKPNY is trading at a 569% premium.
Price
$4.04
Fair Value
$7.50
Uncertainty
Medium
1-Star Price
$9.29
5-Star Price
$7.33
Economic Moat
Xpzhkb
Capital Allocation
Ztfvtqz

Bulls Say, Bears Say

Bulls

The Dutch competitive environment is benign compared with other European countries. The rational oligopoly structure in the broadband market should help to maintain stability. The Dutch regulatory environment is favorable, with less intervention compared with other countries.

Bears

Dutch regulator ACM continues to investigate the Dutch market. Although we like the current regulatory environment, there are no guarantees this won’t change, with potential negative implications.

Is it the right time to buy, sell, or hold?
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Trading Information

Previous Close Price
$4.04
Day Range
$3.863.97
52-Week Range
$3.204.08
Bid/Ask
$3.86 / $3.90
Market Cap
$15.31 Bil
Volume/Avg
1.1 Mil / 593,200

Key Statistics

Price/Earnings (Normalized)
18.69
Price/Sales
2.73
Dividend Yield (Trailing)
4.00%
Dividend Yield (Forward)
4.00%
Total Yield
6.02%

Company Profile

KPN is the incumbent telecom operator in the Netherlands. It has close to 40% share of the broadband market and 20% of the postpaid mobile market, mainly competing with VodafoneZiggo (mobile and fixed) and Odido (mainly mobile). KPN is rolling out fiber to the home in the Netherlands and expects to have most of the country covered by 2026.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Mid Core
Total Number of Employees
9,724

Competitors

Valuation

Metric
KKPNY
LBTYA
VOD
Price/Earnings (Normalized)
18.6918.66
Price/Book Value
5.610.390.38
Price/Sales
2.731.030.62
Price/Cash Flow
6.853.822.08
Price/Earnings
KKPNY
LBTYA
VOD

Financial Strength

Metric
KKPNY
LBTYA
VOD
Quick Ratio
0.700.960.57
Current Ratio
0.751.281.31
Interest Coverage
4.98−2.351.45
Quick Ratio
KKPNY
LBTYA
VOD

Profitability

Metric
KKPNY
LBTYA
VOD
Return on Assets (Normalized)
7.01%−6.10%1.37%
Return on Equity (Normalized)
33.31%−12.67%3.34%
Return on Invested Capital (Normalized)
10.23%−6.35%3.53%
Return on Assets
KKPNY
LBTYA
VOD
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