New Street Research - Koninklijke KPN NV (KPN) New Street: KPN (Buy, TP: €3.7, +31%) MA thoughts and NL survey results: suggests revenue inflection achievable

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New Street Research

Russell Waller

New Street: KPN (Buy, TP: €3.7, +31%) M&A thoughts and NL survey results: suggests revenue inflection achievable

KPN recently reported a solid set of Q1 results – read about it HERE – but key for the equity to re-rate further, we think is revenue growth.

04/05/2021 11 EN

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Koninklijke KPN NV

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Russell Waller

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KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consensus – results and call summary

KPN has reported a better set of results in terms of SR trends, with total SR now at +3% y/y in-line with mid-term guidance, but B2C SR remains well below +3% y/y, and we worry about the outlook here given the lack of front book price moves.

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April 24, 2025 April 24, 2025 1 EN

New Street Research

KPN (Neutral, TP: €4.0, +12%) Q4 24: B2C SR outlook is a concern – results and call summary

KPN has reported a slightly weak set of numbers with SR -0.7% light and EBITDAaL -0.2% below consensus expectations. Guidance for 2025 EBITDAaL is in-line with medium-term ambitions but c0.5% below consensus that was ahead of those targets. Adjusting for the various M&A deals, B2C SR is weaker at +1.0% y/y from +2.7% y/y, with B2C mobile +0.3% y/y from +6.7% y/y and B2C fixed +1.3% y/y from +1.0% y/y. Given the slowdown here, and the slightly disappointing EBITDA guidance, we think Neutral remains the correct rating. We remain worried about the overbuilder risk, a possible VodafoneZiggo fight ...

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January 30, 2025 January 30, 2025 1 EN

New Street Research

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

We recently had a call with Odido CFO, Gero Niemeyer, and we provide feedback in this report. Our key take-away is that Odido is negotiating with ODF to increase the share it buys up to 40% from 20%.

EUR 8536.00

September 27, 2024 September 27, 2024 1 EN

Thai Telcos Auction concludes, no major surprises

Thailand concluded its spectrum auction on Sunday and raised THB 41.3bn (US$ 1.26bn). Overall process was benign and results were as expected – AIS retained its 2100MHz share whilst TRUE won the 2300MHz and 1500MHz band; only the 850MHz was left unsold. Our brief thoughts below.

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Jin Yoon

Jin Yoon

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

What’s New: We lower our 2Q25 top line estimates towards the lower end of the guided range as sales momentum in apparel slowed down in the month of Jun due to prolonged promotion event. Analysts: Jin Yoon

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New Street: KPN (Buy, TP: €3.7, +31%) M&A thoughts and NL survey results: suggests revenue inflection achievable

KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consensus – results and call summary

KPN (Neutral, TP: €4.0, +12%) Q4 24: B2C SR outlook is a concern – results and call summary

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

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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