Koninklijke KPN Reports 2Q Results Above Expectations; Shares Slightly Undervalued
Narrow-moat KPN met revenue expectations and surpassed EBITDA ones in its second-quarter results, with a 3.1% year-over-year reported revenue decline and a 3.6% adjusted EBITDA increase. EBITDA margin improved close to 300 basis points year over year, with revenue declines more than offset by cost-saving initiatives such as reductions in personnel and IT expenses, and the closure of Telfort’s stores. We maintain our EUR 3 fair value estimate for the local shares and USD 3.40 for ADRs.In the c...
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