KPN (Neutral, TP: €3.8, +1%) Q3 24: Solid quarter, but slowing B2C fixed growth is a concern
KPN has reported a solid set of numbers with EBITDAaL c+1% ahead of consensus expectations and although FCF has missed, we expect the miss to be made up in Q4 as the timing of an interest payment has changed quarter.
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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