Royal KPN N.V.

Koninklijke KPN is an integrated information and communications technology service provider. Co. provides its consumer customers data broadband services, IPTV services, mobile (voice, data and SMS) and fixed line telephony. Co. provides its business customers broadband services, mobile, fixed line and data services. Co. operates in the following segments: Consumer Mobile, which provides mobile services and products; Consumer Residential, which provides services in and around the house; Business, which provides fixed and mobile telephony services; NetCo, which includes fixed wholesale services; Belgium, which provides mobile telephony; and iBasis, which provides wholesale network services.
  • TickerKPN
  • ISINNL0000009082
  • ExchangeEuronext Amsterdam
  • SectorFixed Line Telecommunications
  • CountryNetherlands

Analysts

Allan C. Nichols

KPN's consumer wireless business returns to growth faster than we anticipated.

KPN reported weak second-quarter revenue, as its consumer operation's recovery has stalled and the business sector continues to struggle. With this setback, and given recently paid special dividends totalling EUR 0.305, we are reducing our fair value estimate for the local shares to EUR 2.90, and that for the ADRs to $3.10. Our narrow moat rating remains unchanged. The firm reported a revenue decline of 4.3%, versus our full-year projection of a decline of 2.8%. While we think the second half of...

Laurent ALBIE

Analyse court terme - KPN : La résistance est dépassée.

Notre précédent avis était négatif. Nous sommes neutre. Notre seuil de protection a été déclenché. Arguments : - La résistance est dépassée.

Laurent ALBIE

Short term view - KPN : The resistance has been passed.

Our previous opinion was negative. We are neutral. Our stop-profit has been triggered. Arguments : - The resistance has been passed.

Allan C. Nichols

KPN's Revenue In Line, but Margins Better; Maintaining Fair Value Estimate, Shares Fairly Valued

KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...

Laurent ALBIE

Short term view - KPN : The support has been reached.

In our previous short term analysis (11/11/2016), we were neutral. We remain neutral. Prices are too distant from the trend's invalidation level to change our opinon. We are waiting for a better opportunity. Arguments : - The support has been reached.

Koninklijke KPN N.V. - June 2017 (LTM): Peer Snapshot

Peer Snapshot: Koninklijke KPN N.V. - June 2017 (LTM) 5 September 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM Jun-17

Koninklijke KPN N.V.: Key Facts and Statistics - H1 June 2017

CORPORATES ISSUER PROFILE 23 October 2017 TABLE OF CONTENTS Company Overview 1 Business Description 2 Management Strategy 3 Financial Highlights 5 Capital Structure and Debt Maturities 7 Company Management 8 Ownership Structure 9 Subsidiaries 9 Peer Group 10 Related Websites and Information

Koninklijke KPN N.V.: Update to credit analysis

CORPORATES CREDIT OPINION 8 December 2017 Update RATINGS Koninklijke KPN N.V. Domicile Netherlands Long Term Rating Baa3 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Laura Perez, CFA +34.91.768.8216

Koninklijke KPN N.V.: Update to credit analysis

CORPORATES CREDIT OPINION 8 December 2017 Update RATINGS Koninklijke KPN N.V. Domicile Netherlands Long Term Rating Baa3 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Laura Perez, CFA +34.91.768.8216

Koninklijke KPN N.V. - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Allan C. Nichols

KPN's consumer wireless business returns to growth faster than we anticipated.

KPN reported weak second-quarter revenue, as its consumer operation's recovery has stalled and the business sector continues to struggle. With this setback, and given recently paid special dividends totalling EUR 0.305, we are reducing our fair value estimate for the local shares to EUR 2.90, and that for the ADRs to $3.10. Our narrow moat rating remains unchanged. The firm reported a revenue decline of 4.3%, versus our full-year projection of a decline of 2.8%. While we think the second half of...

Allan C. Nichols

KPN's Revenue In Line, but Margins Better; Maintaining Fair Value Estimate, Shares Fairly Valued

KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...

Allan C. Nichols

KPN's consumer wireless business has returned to growth faster than we anticipated.

KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...

Allan C. Nichols

KPN Reports Slightly Better 2016 Results Due to Cost-Cutting; Shares Fairly Valued

KPN reported 2016 results that were a touch better than our expectations, but we don’t expect to make any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported adjusted revenue down 3.4% year over year, spot on with our estimate. However, its adjusted EBITDA margin of 35.8% was a bit better than our projection of 35.3%. The consumer section continues to perform well, following our macro thesis that Eu...

Allan C. Nichols

KPN's consumer business continues to grow while the business segment struggles.

KPN reported 2016 results that were a touch better than our expectations, but we don’t expect to make any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported adjusted revenue down 3.4% year over year, spot on with our estimate. However, its adjusted EBITDA margin of 35.8% was a bit better than our projection of 35.3%. The consumer section continues to perform well, following our macro thesis that Eu...

A director sold 80,820 shares at 2.980EUR and

A director at Koninklijke Kpn N.V sold 80,820 shares at 2.980EUR and the significance rating of the trade was 79/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The name...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018

Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion positive : A...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018

Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Martial Descoutures
  • Nicolas David
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2019

If we look for a plausible reason for the performances at the start of the year, the easing of fears of a recession stemming from a monetary policy mistake in the US looks a good candidate. If this is true, we may expect the market to soon look for signs of a stabilisation in the cycle to buy a soft landing scenario, synonymous with a phase of renewed gains. In the meantime, the resurgence of questions (macro economy, European politics, US/China negotiations) could result in a pause o...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Moody's places Italian banks on review for downgrade

Moody's has placed the long-term deposit ratings of six banks and the issuer and/or senior unsecured debt ratings of four banks on review for downgrade. In addition, the counterparty risk assessment of nine institutions is placed on review for downgrade. The actions are due to Moody's placing Italy's Baa2 government bond rating on review for downgrade. Of the larger Italian names, the Long-term Counterparty Risk Assessment and Long-term Bank Deposits ratings of Intesa Sanpaolo (ISPIM) were placed on review for downgade. In addition, UniCredit's (UCGIM) Long-term Counterparty Risk Assessment ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/KPN, Telefónica, Orange, Suez, Terna and TenneT

KPN (KPN) reported solid 2Q18 numbers this morning. Total adjusted sales declined 1.5% to €1.4bn, or +0.5% when excluding the negative effect from regulation. Adjusted EBITDA climbed 1.3% to €577m. Ignoring the regulatory drag, the adjusted EBITDA result would have been 2.3% higher. Overall, we view this report card a supportive to spreads. (For full Story, please download report)

ING
Hendrik Wiersma

KPN/Solid 2Q18 results; limited upward potential/PREFERRED

KPN reported solid 2Q18 results. While the Consumer operations performed satisfactory, despite the tough market conditions in mobile, the Business operations surprised to the upside with a return to revenue growth albeit also supported by past acquisitions. KPN intends to call its €1.1bn hybrid on its first call data on 14 September from its existing cash balances. We see limited upward potential for KPN's senior bonds versus Telefónica at current trading levels.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/KPN changes management structure

TMT KPN (KPN) will split the role of chief commercial officer (CCO) in two. The role of Chief Consumer Market will be assumed by Jean-Pascal Van Overbeke and CEO Maximo Ibarra will temporarily assume the position of Chief Business Market. Current CCO Frank van der Post will step down on 15 September. He was also a member of KPN's Board of Management and his term would have expired early-2019. The Board of Management will consist of CEO Maximo Ibarra, CFO Jan Kees de Jager and COO Joost Farwerck. Based on these changes, we don't expect a change in KPN's strategy. It includes using excess cash ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/DT and Tele2 Dutch merger faces EU objections

Deutsche Telekom's (DT) intention for T-Mobile NL to acquire Tele2's Dutch operations faces objections from the European Commission. In their preliminary analysis they fear that the combination would likely lead to higher prices in mobile retail. T-Mobile NL and Tele2 disagree with the analysis and believe it is a merger between 2 smaller players (combined c.25%; T-Mobile NL 20% and Tele2 7%, respectively), competition in mobile is driven by the discounts in KPN's and VodafoneZiggo's convergence offers, it is not a traditional consolidation from 4 to 3 players as Tele2 is to a large extent dep...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 04/09/2017

The Supervisory Board of KPN proposes to appoint a new member of the Supervisory Board of KPN at this EGM. We have no concerns with regard to this nomination. 

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 06/12/2017

Under agenda item 2, the shareholders of KPN are notified of the intended appointment of Mr Maximo Ibarra as member and chairman of the Board of Management of KPN as of the AGM on 18 April 2018. Furthermore, shareholder approval is sought for payments to Mr Ibarra for services rendered before 18 April 2018. We express our concern over the fact that KPN failed to disclose why the current chairman of the Board of Management of KPN, Mr Eelco Blok, will only step down on 18 April 2018. It is therefore also unclear why Mr Ibarra would need to render services up untill that date. Furthermore, Mr Iba...

Expert Corporate Governance Service (ECGS)

Proxy Report - 18/04/2018

Under agenda item 10, it is proposed to amend the Articles of Association of the Company. These amendments mainly relate to a change in the registered office of KPN to Rotterdam and updating with current legislation. The change in the registered officefollows the move of KPN

Royal KNP – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Koninklijke KPN April 10th, 2019

In general, Koninklijke KPN ("KPN") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 4, the supervisory board seeks approval to amend the Company's remuneration policy. Although ECGS has no (major) concerns over the proposed amendments, the maximum variable salary, corresponding to 405% of annual base salary, exceeds the threshold of 300% of annual base salary under ECGS' guidelines.  Accordingly, ECGS recommends to vote OPPOSE. There are no further peculiarities.

Laurent ALBIE

Analyse court terme - KPN : La résistance est dépassée.

Notre précédent avis était négatif. Nous sommes neutre. Notre seuil de protection a été déclenché. Arguments : - La résistance est dépassée.

Laurent ALBIE

Short term view - KPN : The resistance has been passed.

Our previous opinion was negative. We are neutral. Our stop-profit has been triggered. Arguments : - The resistance has been passed.

Laurent ALBIE

Short term view - KPN : The support has been reached.

In our previous short term analysis (11/11/2016), we were neutral. We remain neutral. Prices are too distant from the trend's invalidation level to change our opinon. We are waiting for a better opportunity. Arguments : - The support has been reached.

Laurent ALBIE

Analyse court terme - KPN : Le support est atteint.

Lors de notre dernière analyse court terme (11/11/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les prix sont trop éloignés du niveau d'invalidation de la tendance pour adopter un avis tranché. Nous attendons une meilleure opportunité. Arguments : - Le...

Valérie GASTALDY

Analyse moyen terme - KPN : Le support majeur est proche.

Le niveau d'invalidation a été à peine enfoncé, nous attendons un peu avant de prendre en compte ce signal.Arguments :- Le support majeur est proche.- Le retracement de 50% est proche.- Les stochastiques sont surachetés.

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