KPN Reports Slightly Better 2016 Results Due to Cost-Cutting; Shares Fairly Valued
KPN reported 2016 results that were a touch better than our expectations, but we don’t expect to make any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported adjusted revenue down 3.4% year over year, spot on with our estimate. However, its adjusted EBITDA margin of 35.8% was a bit better than our projection of 35.3%. The consumer section continues to perform well, following our macro thesis that Eu...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.
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.
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