KPN (Neutral from Buy, TP: €3.8, +17%) Q1 23: In-line results, but upgrades seem a way away and upside limited - downgrade to Neutral
We have been long-term Buyers of KPN, and although we continue to think that The Netherlands is one of the better markets in Europe for competitive dynamics, there is now only 17% upside to our target, and we see more upside and opportunity at other names (we upgraded Telia this morning for example with >40% upside - HERE), and as such we downgrade to Neutral.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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- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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