KPN's Revenue In Line, but Margins Better; Maintaining Fair Value Estimate, Shares Fairly Valued
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...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.
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