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's Margins to Increase Due to Sell of iBasis Unit

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's Margins to Increase Due to Sell of iBasis Unit

Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the division...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

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

Coffee, Croissants & Credit/AB InBev and KPN

S&P put AB InBev's (ABIBB) A- rating on CreditWatch Negative last night after close of business. Deleveraging has been consistently below expectations due to a variety of factors, most notably currency headwinds and weak market conditions in both Brazil and the US. S&P could lower the rating by one notch if the company does not come up with a clear plan to bring leverage down or if the rating agency is not convinced the plan is sufficient to lower leverage to 4x by the end of 2019 and to the 3.5x-4x range by the end of 2020. S&P aims to resolve the CreditWatch within 90 days. We believe yester...

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's Margins to Increase Due to Sell of iBasis Unit

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's Margins to Increase Due to Sell of iBasis Unit

Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the division...

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

KBC Securities Morning Note 8-2-2019 BAR BB, COFB BB, FAGR BB, KPN NA, TNET BB, UMI BB

Please find below today's news on the following companies: Barco: Yielding results from ‘Focus to perform’ Cofinimmo: FY18 results: stability is key, growth prospects Fagron: FY18 conf. call feedback KPN: ACM - "Unnecessary to allow 4th mobile player" Telenet: Jump on the unlimited bandwagon / preview FY18 Umicore: FY18 REBIT +29% to 514m, FY19 growth tempered

ING
David Vagman, CFA

Benelux Telecom Sector/Ménages à trois

After decades of cosy duopolies, the Belgian and Dutch fixed markets will get more exciting, moving towards three players structures, thanks to cable regulation. The changes will be most dramatic in Belgium. The Netherlands looks safer for now. We restart coverage of the sector with a change in primary analyst and provide an update on Orange Belgium, Proximus, Telenet and KPN.

ING
David Vagman, CFA

KPN/A fresh pair of eyes (HOLD, previously Buy)

According to Bloomberg, Brookfield, a large Canadian fund invested in infra assets, is considering a bid on KPN and was in discussion with Dutch public pension funds PGGM and APG to co-invest. We think the rationale is sound but the deal unlikely, hence the market applying a 20% probability. The story has merit in reminding equity investors how infra players look at stable, high entry barrier businesses in a low yield environment. With a change in primary analyst, we lower our recommendation from Buy to HOLD with a new target price of €2.9, based on a 25% probability of a €3.4 deal and 75% bas...

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 ...
  • 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...

Global TMT: NVDA, AAPL, Japan, BABA, Meituan, VZ, KPN, TNOR, Chunghwa

Global TMT: NVDA, AAPL, Japan, BABA, Meituan, VZ, KPN, TNOR, Chunghwa Chris Hoare 0

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Martial Descoutures
  • Nicolas David
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2019

If we look for a plausible reason for the performances at the start of the year, the easing of fears of a recession stemming from a monetary policy mistake in the US looks a good candidate. If this is true, we may expect the market to soon look for signs of a stabilisation in the cycle to buy a soft landing scenario, synonymous with a phase of renewed gains. In the meantime, the resurgence of questions (macro economy, European politics, US/China negotiations) could result in a pause o...

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
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

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

Coffee, Croissants & Credit/AB InBev and KPN

S&P put AB InBev's (ABIBB) A- rating on CreditWatch Negative last night after close of business. Deleveraging has been consistently below expectations due to a variety of factors, most notably currency headwinds and weak market conditions in both Brazil and the US. S&P could lower the rating by one notch if the company does not come up with a clear plan to bring leverage down or if the rating agency is not convinced the plan is sufficient to lower leverage to 4x by the end of 2019 and to the 3.5x-4x range by the end of 2020. S&P aims to resolve the CreditWatch within 90 days. We believe yester...

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

Coffee, Croissants & Credit/Deutsche Bank, Danske Bank, KPN and Fortum

Deutsche Bank's (DB) 4Q18 dropped to a loss as lower revenues and higher credit costs took their toll on the development. Capital metrics were mixed as higher market risk pushed CET1 ratio lower but the leverage ratio slightly improved. The poor operating performance increase expectations that the bank will have to seek alternative options. If a merger with Commerzbank (CMZB) were to materialise we would expect Deutsche's preferred paper to outperform Commerzbank. Currently, Deutsche trades with a c.15bp pickup versus Commerz in the preferred segment.

ING
Hendrik Wiersma

KPN/Brookfield said to consider bid for KPN/STABLE (previously Preferred)

Brookfield Asset Management is considering a bid for Dutch telecom operator KPN, according to Bloomberg this afternoon. The Canadian asset manager is said to be in exploratory talks with Dutch Pension Funds PGGM and APG for a joint offer. At this stage a potential bid will result in uncertainty about the company's financial policy. KPN targets a net debt/EBITDA of less than 2.5x at year-end 2018. Net debt stood at €5.9bn at year-end, compared to €6.2bn at 3Q18. The reported net debt/EBITDA was 2.5x. Given the uncertainty and also the fact that KPN is close to reaching its leverage target we ar...

ING
Hendrik Wiersma

KPN/KPN5.625 9/24 favoured; long end expensive/PREFERRED

KPN reported a satisfactory 4Q18 but the 2019 outlook was somewhat disappointing. The KPN5.625 9/24 remains cheap on the curve, but its historic performance has been volatile. The KPN0.625 4/25 and most notably the KPN1.125 9/28 trade expensively versus Telefónica.

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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