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

Coffee, Croissants & Credit/KPN, Enagas and Naturgy

KPN makes small disposal; KPN4.25 3/22 favoured

ING
Research Department

Benelux Morning Notes

BAM: Issues profit warning unrelated to sea lock. Belgian telecoms: BIPT wholesale cable rates - very low, potential to disrupt market. KPN: Agreement to sell its international network to GTT Communications, Inc. Sif Group: Awarded big wind contract in US market

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Ruben Devos
  • Thomas Couvreur

Morning Note: BBED NA, BPOST BB, ECONB BB, KPN NA, RET BB, VGP BB

Beter Bed Holding: Looking at alternatives for Matratzen Concord bpost: Launch modified distribution model in Mar’20 Econocom: Capgemini takes over Altran KPN: CEO Ibarra resigns as CEO Retail Estates: € 97m portfolio deal in NL at attractive yield VGP: 112k sqm business park near Hanover

ING
Research Department

Benelux Morning Notes

Beter Bed: Slow MC recovery impacts funding needs. KPN: CEO Maximo Ibarra resigns. VGP: Signs KraussMaffei for 80k sqm development

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

BAM: Issues profit warning unrelated to sea lock. Belgian telecoms: BIPT wholesale cable rates - very low, potential to disrupt market. KPN: Agreement to sell its international network to GTT Communications, Inc. Sif Group: Awarded big wind contract in US market

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Ruben Devos
  • Thomas Couvreur

Morning Note: BBED NA, BPOST BB, ECONB BB, KPN NA, RET BB, VGP BB

Beter Bed Holding: Looking at alternatives for Matratzen Concord bpost: Launch modified distribution model in Mar’20 Econocom: Capgemini takes over Altran KPN: CEO Ibarra resigns as CEO Retail Estates: € 97m portfolio deal in NL at attractive yield VGP: 112k sqm business park near Hanover

ING
Research Department

Benelux Morning Notes

Beter Bed: Slow MC recovery impacts funding needs. KPN: CEO Maximo Ibarra resigns. VGP: Signs KraussMaffei for 80k sqm development

Alexander Makar ...
  • Guy Sips
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs

KBC Securities Morning Note 14-6-2019 COFB BB, IMMO BB, KPN NA, MTLS US, PROX BB, RET BB, UCB BB

Cofinimmo: € 22m acquisition of senior house in NL Immobel: 4 new developments in Luxembourg KPN: Sale of remaining stake in TEFD Materialise: FDA clearance for cardiovascular planning software Proximus: Launch of new brand positioning Retail Estates: Small expansion in retail park UCB: Bimekizumab and Cimzia at EULAR

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 ...

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...

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 June 18, 2019, the closing price was EUR 2.84 and its potential was estimated at EUR 3.04.

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/KPN, Enagas and Naturgy

KPN makes small disposal; KPN4.25 3/22 favoured

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

Coffee, Croissants & Credit/Carrefour, KPN and Enel

Fitch downgrades Carrefour to BBB, stable outlook

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

Coffee, Croissants & Credit/KPN, Telefónica Deutschland and EDF

KPN exits Telefónica Deutschland; KPN4.25 3/22 favoured

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.

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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