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

ING
Research Department

Benelux Morning Notes

Benelux banks: ABN AMRO among top 25% banks in 2018 EU-wide stress test D'Ieteren: WLTP still impacting Belgian car registrations Montea: €45m of developments in Netherlands PostNL: 3Q18 results beat due to strong Parcels performance Vopak: Better-than-expected without outside help

Jérôme VINERIER

Short term view - KPN : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €2.547.

Jérôme VINERIER

Analyse court terme - KPN : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 2,547 €.

Russell Waller

W. Europe Fixed Tariff Tracker – Oct 2018: Positive signs from The Netherlands

W. Europe Fixed Tariff Tracker – Oct 2018: Positive signs from The Netherlands Russell Waller 7

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

Compares key performance metrics against industry peers.

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.: 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. - 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

ING
Research Department

Benelux Morning Notes

Benelux banks: ABN AMRO among top 25% banks in 2018 EU-wide stress test D'Ieteren: WLTP still impacting Belgian car registrations Montea: €45m of developments in Netherlands PostNL: 3Q18 results beat due to strong Parcels performance Vopak: Better-than-expected without outside help

Russell Waller

W. Europe Fixed Tariff Tracker – Oct 2018: Positive signs from The Netherlands

W. Europe Fixed Tariff Tracker – Oct 2018: Positive signs from The Netherlands Russell Waller 7

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Everything you always wanted to know about 5G but were afraid to ask

For the moment, 5G has generated more anxiety than real enthusiasm among investors. Our analysis suggests a smooth transition for capex, but that the incident with the spectrum auctions might weigh on sentiment. We favour the German market if the absence of a fourth player is confirmed on 26 November. Deutsche Telekom (Buy, target price € 17.7) is our Top Pick. - >What is at stake with 5G? - While operators are starting to suggest the launch of 5G packages as of 2019, ...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Tout ce que vous avez toujours voulu savoir sur la 5G (sans jamais oser le demander)

La 5G génère pour l’heure plus d’anxiété qu’un réel engouement auprès des investisseurs. Notre analyse nous conduit à penser que la transition se fera en douceur sur les Capex mais que l’épisode des enchères de spectre risque de peser sur le sentiment. Nous privilégions l’Allemagne si le 26/11 confirme l'absence de 4e acteur. Deutsche Telekom (Achat, OC 17.7 €) est notre top pick. - >Les enjeux de la 5G - Alors que les opérateurs commencent à suggérer des lancements d’...

Allan C. Nichols

Morningstar | Koninklijke KPN Reported 3Q Results Generally in Line With Our Expectations; Shares Undervalued

Koninklijke reported third-quarter results generally in line with our expectations, and we maintain our EUR 3 per local share fair value estimate and narrow moat rating. We believe the shares are undervalued. The firm’s reported revenue decline of 0.9% looks very good versus our full-year projection of an 11.8% drop. However, the difference is because of the way we account for the pending sale of its iBasis unit. The firm reports results on a proforma basis as if the business was sold at the end of 2016, while we include it in revenue through the first quarter of 2018, as the deal wasn’t annou...

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
  • 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...

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...

Ng Adrian

KPN

Ng Adrian

KPN

Ng Adrian

KPN

KONINKLIJKE KPN NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KONINKLIJKE KPN NV (NL), a company active in the Integrated Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 19, 2018, the closing price was EUR 2.40 and its potential was estimated at EUR 2.54.

Ng Adrian

KPN

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ING
Hendrik Wiersma

KPN/Long end expensive/PREFERRED

KPN reported satisfactory 3Q18 results and the company reiterated its outlook for the full year. We believe KPN's bonds don't offer upward potential versus Telefónica in maturities up to 6 years. The longer dated KPN0.625 4/25 and KPN1.125 9/28 we view as expensive.

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

Coffee, Croissants & Credit/KPN, Verizon, Telia, Telenor, Deutsche Bank, Barclays, Nordea, Intesa Sanpaolo, Heineken, Fortum and Iberdrola

TMT: • KPN (KPN) reported satisfactory 3Q18 results this morning. We view KPN's bonds as fairly valued versus Telefónica, with the exception of the longer dated KPN0.625 4/25 and KPN1.125 9/28 which we deem as expensive. (For full story, please download report). • Verizon (VZ) released a strong set of 3Q18 results yesterday before the opening bell of the US market. We view Verizon's €-bonds as fairly valued as they now trade inside Vodafone and offer a pick up versus Orange, most notable from the seven year area onwards. • S&P has downgraded Telia (TELIAS) to BBB+, from A-/CreditWatch negati...

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

Coffee, Croissants & Credit/KPN and Engie

KPN (KPN) is preparing new cost reductions which are likely to be revealed at its capital markets day on 28 November, according to Telecompaper on Friday. CEO Maximo Ibarra is also expected to present a new strategic plan for the period 2021-22. According to the newswire, KPN has hired McKinsey to review the company. Ibarra has earlier worked with the consultancy firm at Wind Tre.

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...

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 ...

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

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)

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. 

Jérôme VINERIER

Short term view - KPN : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €2.547.

Jérôme VINERIER

Analyse court terme - KPN : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 2,547 €.

Jérôme VINERIER

Short term view - KPN : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €2.230. The bearish trend would be challenged above €2.547.

Jérôme VINERIER

Analyse court terme - KPN : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 2,230 €. La tendance baissière serait remise en cause au-dessus de 2,547 €.

Jérôme VINERIER

Medium term view - KPN : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €2.541.

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