New Morningstar Analyst Report for Koninklijke NV
KPN reported second-quarter results with better EBITDA margins than we expected, but we are maintaining our EUR 3 per local share fair value estimate and narrow moat rating. We believe the shares are slightly undervalued. The firm continues to reduce costs, which pushed its adjusted EBITDA margin to 41.1%, nicely ahead of our full-year projection of 39.4%. KPN reported adjusted revenue declined 1.5% year over year versus our estimate of a drop of 11.2%. However, KPN excludes its iBasis unit, who...
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