KPN Seeks Mid-Single-Digit Growth Until 2027, Which Looks Attainable to Us
KPN is the incumbent telecom operator in the Netherlands, operating in the fixed-line and mobile markets. It has maintained a stable market share during the past decade in broadband, where it shares leadership with peer VodafoneZiggo (40% each). We believe the Dutch broadband market to be a rational oligopoly where both players prefer not to engage in aggressive market share shifts but rather maintain stable positions, executing slight price increases each year. The mobile market, where KPN enjoys a 20% share, has three major operators (KPN, VodafoneZiggo, and T-Mobile Netherlands) and has recently been more competitive than broadband, as T-Mobile has been gaining share for several years by offering lower prices and more flexible terms.