KPN Remains the Largest Telecom Operator in the Netherlands
Koninklijke reported third-quarter results generally in line with our expectations, and we maintain our EUR 3 per local share fair value estimate and narrow moat rating. We believe the shares are undervalued. The firm’s reported revenue decline of 0.9% looks very good versus our full-year projection of an 11.8% drop. However, the difference is because of the way we account for the pending sale of its iBasis unit. The firm reports results on a proforma basis as if the business was sold at the end...
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