KPN (Neutral, TP: €4.4, +7%) Post Q4 25 model update – We see better value elsewhere
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. Our estimates are not changing too much following the results, as KPN gave detailed guidance at the recent CMD, and these results were largely as expected.
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.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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