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Koninklijke KPN NV KPN Stock Quote

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Morningstar‘s Stock Analysis KPN

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Is it the right time to buy or sell?

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KPN Raises Outlook; We Are Confident About Its Cost Controls Despite Inflationary Pressures

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

KPN's second-quarter results were stable as usual, with organic service revenue growth of 1.4% and EBITDA growth (after leases) of 1.1%. In the consumer segment, service revenue declined 1.1% as growth in sales to the fiber base were not enough to offset declines in the copper base. The mobile segment grew 1.4% thanks to net customer additions of 33,000 and stable average revenue per user trends. Management raised its outlook slightly for 2022, from an expected EBITDAaL of EUR 2,350 million to EUR 2,400 million. KPN continues to do a good job of reducing its cost base despite inflationary pressures. Operating expenses increased by just 0.8% during the quarter, with wage inflation and higher energy costs offsetting other cost controls. We are confident in KPN’s ability to keep costs under control, as the company has shown very good cost discipline over more than a decade, resulting in significant margin expansion. Despite the cost of goods and services increasing 4.5% due to inflation, personnel and IT expenses declined by 4.5% and 5.3% respectively. We maintain our EUR 2.80 fair value estimate and view shares as overvalued currently.

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Key Statistics KPN

Company Profile KPN

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
Industry Telecom Services
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 9,699