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
ING Helpdesk

Benelux Morning Notes

ArcelorMittal: 14% EBITDA beat and strong FCF delivery in a challenging steel market. ASML: Delayed EUV delivery into China. Basic-Fit: CMD: to up club openings from c.125 pa to c.150, to reach 1,250 in 2022. bpost: 3Q19 with strong Parcel vol, lower Mail vol declines; outlook reiterated. Euronext: Slower activity in October - eyeing M&A. KPN: T-Mobile/Tele2 NL report further share gains in mobile and fixed, beat in EBITDAal KPN: VodafoneZiggo 3Q19 - further share gains, slight increase in OCF guidance Solvay: 3Q19, FY19 cons reasonable, strategy review to lower, more realistic target...

Ng Adrian

Koninklijke KPN N.V.

Ng Adrian

Koninklijke KPN N.V.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 28/10/2019 - Eurofins - EN

TP ICAP - Europe - Morning CreditUpdate 28/10/2019 - Eurofins - EN

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

ING
ING Helpdesk

Benelux Morning Notes

ArcelorMittal: 14% EBITDA beat and strong FCF delivery in a challenging steel market. ASML: Delayed EUV delivery into China. Basic-Fit: CMD: to up club openings from c.125 pa to c.150, to reach 1,250 in 2022. bpost: 3Q19 with strong Parcel vol, lower Mail vol declines; outlook reiterated. Euronext: Slower activity in October - eyeing M&A. KPN: T-Mobile/Tele2 NL report further share gains in mobile and fixed, beat in EBITDAal KPN: VodafoneZiggo 3Q19 - further share gains, slight increase in OCF guidance Solvay: 3Q19, FY19 cons reasonable, strategy review to lower, more realistic target...

Ng Adrian

Koninklijke KPN N.V.

Ng Adrian

Koninklijke KPN N.V.

ING
ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: 3Q19 preview AMG: 3Q19 results preview DWS: NNW surprises, further costs measures for 2020 GrandVision: Solid 3Q, lower guidance Heijmans: Solid performance confirmed, but nitrogen & PFAS concerns KPN: T Mobile “disrupting” Dutch fixed internet market, entering into “fierce competition” Recticel: Profit warning and miss on sales for 3Q19 Royal Dutch Shell: Another quarter, another disappointment?

Alexandre Iatrides

KPN : Good-quality Q3 2019, helped by the data centers disposal

>EBITDA 1.6% higher than expected - Revenue in line. Adjusted revenue came in 1.8% lower vs 3% in Q3 at € 1.37bn (consensus: € 1.36bn, ODDO BHF: € 1.37bn); 1/ consumer: -2.2% vs 2.1% in Q2 in line with the consensus; 2/ business: -3.6% vs -5.2% in Q2, a slight improvement on the previous quarters, and 3/ wholesale: recovery thanks to roaming in (+5.2% adjusted).Adjusted EBITDAaL slightly better than expected at € 599m vs € 589m forecast (and € 808m reported with ...

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
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 25/10/2019

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With a more favourable environment, KONINKLIJKE KPN NV improves to Positive

KONINKLIJKE KPN NV (NL), a company active in the Integrated Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date October 1, 2019, the closing price was EUR 2.80 and its potential was estimated at EUR 3.05.

Ng Adrian
Ng Adrian
Ng Adrian
Ng Adrian
ING
Hendrik Wiersma

KPN/Cost savings drive EBITDA performance; KPN0.625 4/25 favoured

KPN reported 3Q19 results that met market expectations. While the top-line performance remained sluggish, the EBITDA result (+2.9%) was supported by costs savings. Our preferred bond on the curve is the KPN0.625 4/25. It offers a pick-up versus the (interpolated) curves of both Vodafone and Telefónica.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Barclays, KPN, Proximus and EDF

Financials - Barclays 3Q19: clouded by the PPI charge, CET1 ratio stable despite the substantial positive effect from the removal of a risk floor. TMT - KPN reports in-line 3Q19; KPN0.625 4/25 favoured. Proximus: 3Q19 meets expectations; no upside versus Orange. Utilities - EDF not required to shut down nuclear power plants with weld issues; Value in EUR 27s and USD 28s

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

Coffee, Croissants & Credit/Danske Bank, KPN and Enel

Financials: Danske Bank to publish a plan to improve its performance by the end of the year; we would stick to the safer parts of the bank's debt hierarchy. TMT: KPN names Proximus's Dominique Leroy as new CEO; KPN0.625 4/25 preferred. Utilities: Enel issued the first sustainability linked bond, opening the door for more.

ING
Hendrik Wiersma

KPN/Strong cost savings support EBITDA upgrade; KPN4.25 3/22 preferred

KPN has released a decent 2Q19 report card. Adjusted EBITDA, after leases (AL), came in at €594m, 3.6% more than in the same period a year earlier. This brings the 1H19 growth number to 1.7%, supported by the strong cost savings initiatives of the company. Management raised its outlook for adjusted EBITDA (AL) for the full year to slight growth vs 2018, compared to in line previously. KPN's spreads have retraced (almost) completely since the Bloomberg report late January that Brookfield was considering teaming up with Dutch pension funds APG and PGGM to acquire KPN. With our base case scenario...

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

Coffee, Croissants & Credit/Deutsche Bank, Coca-Cola, Metro, KPN and AkzoNobel

Deutsche Bank reports a €3bn loss for 2Q19, capital metrics remain solid, value in DB preferred senior over NPS comps

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.

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)

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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