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...
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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