KPN Conference call feedback and outlook make us slightly lower our estimates
KPN reported a solid set of FY24 results, with adjusted service revenue growth of 3.4% (CSS: 3.5%), adjusted EBITDAal of €2,508m (CSS: €2,508m), and FCF of €900m (CSS: €894m), broadly in line expectations and slightly above the FY24 guidance. For FY25, KPN expects the positive trend to continue and is forecasting adjusted service revenue growth of approximately 3% (CSS: 2.7%), adjusted EBITDAal of €2,580m (CSS: €2,589m), and FCF of approximately €910m (CSS: €920m), slightly below consensus expectations but in line with its 2027 ambitions. In line with the CMD targets, KPN expects to pay out a dividend of €0.182 per share (+7% y/y) while accelerating the pace of the share buyback to €250m in 2025 (2024: €200m). We reiterate our Buy rating and €4.2 target priceKoninklijke 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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