Report
Allan C. Nichols
EUR 101.80 For Business Accounts Only

KPN's consumer business continues to grow while the business segment struggles.

KPN reported mixed third-quarter results, with weak revenue but solid EBITDA margins. We are maintaining our fair value estimates of EUR 2.90 for the local shares and $3.40 for the ADRs and believe the shares are fairly valued. The firm reported a worse-than-expected year-over-year revenue decline of 6.6% in the quarter versus our full-year projection of down 2.4%. While KPN’s convergence program is doing well, with 62% of its postpaid wireless customers on a converged plan and average revenue p...
Underlying
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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