KPN Reports Slightly Weak 4Q Results; Our FVE Raise Is Due to Higher Margin Expectations
KPN reported fourth-quarter results that were a bit light, but we are increasing our local fair value estimate to EUR 3 per share from EUR 2.90 and the ADR to $3.70 from $3.50 because of higher expected EBITDA margins and the time value of money. The ADR also benefits from the continued rebound in the euro versus the U.S. dollar. This is partially reduced by a reduction in our revenue growth rate. We believe the shares are fairly valued. The firm reported revenue fell 6.3% for the quarter year o...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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