KPN (Neutral, TP: €3.9, +0%) strategy update – not the same as Telefonica
Telefonica caused ripples through the sector this week when it outlined its medium-term vision, which involved a c.20% cut to medium-term FCF guidance, HERE, HERE.We think Telefonica has its own specific issues, and one has to be careful therefore not to draw conclusions across the sector as a whole from what it has said and done. KPN, for example, updated its medium-term vision this afternoon, and it is very different to Telefonica’s.
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