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

Morningstar | KPN Remains the Largest Telecom Operator in the Netherlands

KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its traditional consumer fixed-line business has been shrinking rapidly for years, as cable competition has ...

Allan C. Nichols

KPN Remains the Largest Telecom Operator in the Netherlands

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...

Russell Waller

Belgium cable regulation: A positive for Proximus/ Telenet, and KPN

Belgium cable regulation: A positive for Proximus/ Telenet, and KPN Russell Waller 7

Russell Waller

W. Europe Fixed Tariff Tracker – Nov 2018: BT price premium narrows

W. Europe Fixed Tariff Tracker – Nov 2018: BT price premium narrows 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

Allan C. Nichols

Morningstar | KPN Remains the Largest Telecom Operator in the Netherlands

KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its traditional consumer fixed-line business has been shrinking rapidly for years, as cable competition has ...

Allan C. Nichols

KPN Remains the Largest Telecom Operator in the Netherlands

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...

Russell Waller

Belgium cable regulation: A positive for Proximus/ Telenet, and KPN

Belgium cable regulation: A positive for Proximus/ Telenet, and KPN Russell Waller 7

Russell Waller

W. Europe Fixed Tariff Tracker – Nov 2018: BT price premium narrows

W. Europe Fixed Tariff Tracker – Nov 2018: BT price premium narrows Russell Waller 7

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...

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

Coffee, Croissants & Credit/KPN, DT, UniCredit, EDF and Orsted

KPN (KPN) is targeting to delever its balance sheet and has now officially communicated a net debt/EBITDA target of less than 2.5x in the medium term and management is committed to a solid investment grade profile (previously, the wording was investment grade profile). KPN's net debt/EBITDA stood at 2.7x at the end of 3Q18. We view the key points of KPN's CMD as supportive for the company's spreads. We do note that KPN's longer dated bonds, the KPN0.625 4/25 and KPN1.125 9/28, trade expensively. (open document for full stories)

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

Coffee, Croissants & Credit/DT, KPN, German coal, Snam and EDF

• Deutsche Telekom is reported to have gained EU approval without conditions for the acquisition of Tele2's Dutch operations, Reuters reported yesterday citing people familiar with the topic. Late yesterday evening, Tele2 said it had not yet received the EU decision. We view a nod without remedies as supportive for DT's and also KPN's spreads. Although, the new combined entity is a stronger competitor to both KPN and VodafoneZiggo, the market will consolidate from 4 to 3 mobile players, with Tele2 NL previously being the most aggressive of the 4 mobile network operators. We note that KPN's lon...

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.

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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