KPN's Margins to Increase Due to Sell of iBasis Unit
Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the division...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.
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