Report
Allan C. Nichols

KPN's consumer business continues to grow while the business segment struggles.

KPN reported mixed first-quarter results, with weak revenue but strong margins. We expect these issues to basically offset each other and to 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 fell 3.4% year over year versus our projection of a 1.3% drop. The company appears to have been hit worse by the European Union regulatory changes known as “roam-like-at-home,” or RLAH, than the other European ope...
Underlying
Royal KPN N.V. ADS

Provider
Morningstar
Morningstar

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.

Analysts
Allan C. Nichols

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