New Street Research - Koninklijke KPN NV (KPN) ... KPN (Neutral, TP: €3.8, +12%) Q1 24: Solid results; low volumes not currently an issue

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New Street Research

Russell Waller

EUR 9544.00 For Business Accounts Only

KPN (Neutral, TP: €3.8, +12%) Q1 24: Solid results; low volumes not currently an issue

KPN has reported a solid set of numbers with SR and EBITDaL in-line with expectations, and good trends at the key segments. Guidance has been reiterated. KPN SR growth continues to be impressive supported by price increases.

24/04/2024 1 EN

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Koninklijke KPN NV

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KPN

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New Street Research

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Russell Waller

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KPN (Neutral, TP: €3.8, +12%) Q1 24: Solid results; low volumes not currently an issue

KPN (Neutral, TP: €3.8, +1%) Q3 24: Solid quarter, but slowing B2C fixed growth is a concern

Odido CFO call meeting notes: Interesting read across for KPN/Vod-Ziggo on ODF capacity

KPN (Neutral, TP: €3.7, -1%) Q2 24: Priced for perfection, and this wasnt a perfect quarter

PYPL US (BUY, TP: $100, +12%) SQ US (Neutral, TP $70 - UR) CFPB oversight over non-banks - does it matter? (PYPL/SQ)

TeleColumbus: Q3 24 Quick Take internet strength continuing

1&1 (Neutral, €14, +16%) Previously: Buy, €26. United Internet (Neutral, €21, +30%) Previously: Buy, €28. Valuation cut on lower mobile growth. Downgrade to Neutral

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