New Street Research - Royal KPN NV (KPN) New Street: KPN (Buy TP: €4.0, +46%) Q3 22: Good operational performance offset by guidance uncertainty - Quick Take

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New Street Research

Russell Waller

EUR 8533.00 For Business Accounts Only

New Street: KPN (Buy TP: €4.0, +46%) Q3 22: Good operational performance offset by guidance uncertainty - Quick Take

KPN has reported a good set of results, with EBITDA c1% ahead vs consensus, B2C fixed trends are better, B2C mobile and SME are strong again, and LE is nearly back to growth. However, overshadowing the results, KPN appears to have pulled guidance for 2023, saying that “assuming current inflation and energy price levels persist, KPN expects to deliver slight adjusted EBITDA AL growth for next year”.

26/10/2022 1 EN

Underlying

Royal KPN NV

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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NL0000009082 Euronext Amsterdam Netherlands

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Analysts

Russell Waller

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New Street: KPN (Buy TP: €4.0, +46%) Q3 22: Good operational performance offset by guidance uncertainty - Quick Take

KPN reports on progress of € 250m share buyback

KPN/Solid but some risks to the growth beyond 2027/HOLD

KPN reports on progress of € 250m share buyback

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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