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...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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