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

Denise Molina

Morningstar | Updated Koninklijke KPN NV

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 ...

Denise Molina

Updated Koninklijke KPN NV

Koninklijke KPN reported mixed first-quarter results with weak revenue growth, offset by profitability that was stronger than we expect for the year. These deviations from our expectations during the quarter were modest and thus we don’t anticipate any significant changes to our EUR 3 per share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue fell 2.9% year over year versus our full-year projection of a decline of 1....

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

Coffee, Croissants & Credit/ABN AMRO, UniCredit, Credit Agricole, RBI, KPN, Snam and the Euro primary market

ABN AMRO (ABNANV) reported lower earnings for 1Q19 as the decline in costs was not enough to offset the slide in revenues. The bank's capital metrics suffered from higher RWA driven by TRIM and model reviews. Slightly credit negative.

ING
David Vagman, CFA

KPN/1Q19 postview: Poor sales, good cost cutting/HOLD

We update our estimates post 1Q19 results, cutting our sales and KPI estimates but increasing our cost savings estimates, with a marginal impact on EBITDA after leases (EBITDAal) and on EPS. We maintain our Hold and €2.9 target price.

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

Denise Molina

Morningstar | Updated Koninklijke KPN NV

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 ...

Denise Molina

Updated Koninklijke KPN NV

Koninklijke KPN reported mixed first-quarter results with weak revenue growth, offset by profitability that was stronger than we expect for the year. These deviations from our expectations during the quarter were modest and thus we don’t anticipate any significant changes to our EUR 3 per share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue fell 2.9% year over year versus our full-year projection of a decline of 1....

ING
David Vagman, CFA

KPN/1Q19 postview: Poor sales, good cost cutting/HOLD

We update our estimates post 1Q19 results, cutting our sales and KPI estimates but increasing our cost savings estimates, with a marginal impact on EBITDA after leases (EBITDAal) and on EPS. We maintain our Hold and €2.9 target price.

Alexandre Iatrides

KPN : Q1 in line, pressure in B2C but good start to cost-savings plan

>Q1 in line with expectations, extension of Q4 trends - Revenues in line. Adjusted revenue was down 2.9% vs 1.8% in Q4 to 1.36bn (consensus: € 1.37bn, ODDO BHF: € 1.37bn), 1/ consumer: -2.1% vs -1.1% in Q4 and -0.5% in Q3 and at the lower end of the range; 2/ business: -4.9% in line with previous quarters and 3/ wholesale: sharp rebound linked to roaming in EBITDAaL also in line at € 563m (consensus: € 560m, ODDO BHF: € 561m), i.e. -0.3% vs +1% in Q4. KPN launch...

Alexandre Iatrides

KPN : T1 en ligne, pression dans le B2C mais bon démarrage du plan d’économies de coûts

>T1 en ligne avec les attentes, poursuites des tendances T4 - CA en ligne. Les revenus ajustés sont ressortis en baisse de 2.9% vs 1.8% au T4 à 1.36 Md€ (Css: 1.37 Md€, ODDO BHF: 1.37 Md€), 1/ Consumer : -2.1% vs -1.1% au T4 et -0.5% au T3 et en bas de fourchette; 2/ Business : -4.9% dans la lignée des trimestres précédents et 3/ Wholesale : fort rebond lié à du roaming in. EBITDAaL également en ligne à 563 M€ (Css: 560 M€, ODDO BHF : 561 M€) soit -0.3% vs +1% au...

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
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/01/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/02/2019

...

Alastair Jones ...
  • Chris Hoare
  • James Ratzer
  • Jin Yoon
  • Jonathan Chaplin
  • Pierre FerraguÊ
  • Russell Waller

New Street: BT, BABA, NOK, AAPL, AMD, ENTEL, KDDI, ELISA, OPTUS, SKT, KPN, TNOR,

Global TMT headlines: BT (Buy): Strong set of Q3 results – guidance now looks conservative to us. Alibaba (Buy) FY3Q19 Results: Feed Recommendation May Be Closer to Launching but Near-Term Revenue Deceleration Expected Nokia (Neutral): Good revenues momentum and Gross Margins recovery in the core business. We remain cautious on revenue growth in coming years. Apple (Neutral) 1FQ19: Macro is a small portion of the problem – thesis playing out in full. AMD (Sell) 4Q18 Wrap-up: Quarter in-line, 1Q guide 15% below, FY guide above. Entel (Neutral) reported Q4s last night. Revenue was bro...

With a more favourable environment, KONINKLIJKE KPN NV improves to Slightly 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 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 22, 2019, the closing price was EUR 2.76 and its potential was estimated at EUR 2.91.

Ng Adrian

KPN

Ng Adrian

KPN

Ng Adrian

KPN

Ng Adrian

KPN

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

Coffee, Croissants & Credit/ABN AMRO, UniCredit, Credit Agricole, RBI, KPN, Snam and the Euro primary market

ABN AMRO (ABNANV) reported lower earnings for 1Q19 as the decline in costs was not enough to offset the slide in revenues. The bank's capital metrics suffered from higher RWA driven by TRIM and model reviews. Slightly credit negative.

ING
Hendrik Wiersma

KPN/Satisfactory 1Q19; KPN4.25 3/22 preferred/STABLE

KPN[e] reported satisfactory 1Q19 results, characterized by a soft top-line performance and stable EBITDA development. KPN's spreads have largely retraced since the Bloomberg report earlier this year that Brookfield had plans to team up with Dutch pension funds APG and PGGM to take KPN private. Our base case scenario is that it will be very difficult to acquire KPN. We have a preference for the KPN4.25 3/22 and expect the long end to underperform.

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

Coffee, Croissants & Credit/Casino, RBS, KPN and Suez

Casino (COFP) reported 1Q19 sales yesterday after close of business. Net sales for the group were down 0.5% to €8,853m, a touch ahead of consensus of €8.82bn. In France this metric came in at €4,402m, slightly behind estimates of €4.43bn. Same-store growth for France Retail, i.e. excluding Cdiscount, was flat after +1.3% in 1Q18 and +0.5% in 4Q18. This marks the worst performance since the third quarter of 2016. Casino confirms all its annual objectives. (For full stories, download report)

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

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

Coffee, Croissants & Credit/KPN, Telecom Italia and Saudi Aramco

S&P upgraded KPN (KPN) to BBB last Friday. The outlook is stable. The rating upgrade reflects S&P's view that KPN will reduce debt further, with adjusted leverage to decline below 3.0x in 2019. Main drivers are the stronger EBITDA and the positive discretionary cash flow, with the further monetization of the 4.4% stake in Telefónica Deutschland to provide additional financial flexibility. This is also included in the rationale for the stable outlook.

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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