KPN's consumer wireless business has returned to growth faster than we anticipated.
KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...
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