KPN A Strong Foundation for Future Growth
Today we initiate coverage on KPN with a Buy rating and € 4.2 TP. In this note we take a closer look at the underlying market dynamics and competitive environment. While the Dutch market is subject to some price and promotional pressure in broadband, the overall market remains rational. We expect this to continue, as the highly leveraged balance sheets of competitors leave little room for aggressive pricing. Secondly, we believe that KPN has a structural advantage in the long term, as it is the only provider to roll out fibre on a national level. Once the rollout is completed by the end of 2026, FCF should improve significantly.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.
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