KPN Conference call feedback and outlook make us slightly lower our estimates

KPN reported a solid set of FY24 results, with adjusted service revenue growth of 3.4% (CSS: 3.5%), adjusted EBITDAal of €2,508m (CSS: €2,508m), and FCF of €900m (CSS: €894m), broadly in line expectations and slightly above the FY24 guidance. For FY25, KPN expects the positive trend to continue and is forecasting adjusted service revenue growth of approximately 3% (CSS: 2.7%), adjusted EBITDAal of €2,580m (CSS: €2,589m), and FCF of approximately €910m (CSS: €920m), slightly below consensus expectations but in line with its 2027 ambitions. In line with the CMD targets, KPN expects to pay out a ...

Members of Board of Management buy KPN shares

Members of Board of Management buy KPN shares Today, five members of the Board of Management have purchased shares to increase their shareholding in KPN. This demonstrates their confidence and commitment in the successful execution of KPN’s Connect, Activate & Grow strategy launched in November 2023. Joost Farwerck, CEO of KPN, has purchased 25,000 KPN shares.Chris Figee (CFO), Hilde Garssen (Chief People Officer), Chantal Vergouw (Chief B2B) and Wouter Stammeijer (COO) have purchased 14,000 KPN shares each. In line with KPN’s remuneration policy, KPN’s board members are encouraged to bui...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2025

Swatch Group : Très mauvais S2 et marge annuelle sous les 5%, des espoirs de redressement mais la route sera longue

ODDO : 2025 : potentiellement un meilleur cru que 2024

L’année 2025 verra, selon nous, une poursuite de la croissance du CA (5% estimé vs 1.5% en 2024e) et de l’amélioration de la marge (53 pb vs 14 pb en 2024e), à l’exception possible de quelques sociétés (marge optimisée ou risque lié aux hausses des droits de douane). Si quelques thématiques devraient rester inchangées (exposition USA, Green Capex, datacenters, etc), d’autres émergeront (construction, discrete automation) ou accélèreront (semiconducteurs) au cours de l’année. Dans ce contexte, nos top picks sont Alstom, Assa Abloy, Siemens et SKF et nous relevons notre recommandation sur Epiroc...

ODDO : 2025: set to potentially be a better year than 2024

2025 is in our view likely to see sales continue to grow (5% estimated vs 1.5% in 2024e) and margins continue to improve (53bp vs 14bp in 2024e), with the possible exception of a few companies (optimised margins or tariff risk). While some themes are likely to endure (US exposure, green capex, data centres, etc.), others will emerge (construction, discrete automation) or accelerate (semiconductors) over the year. In this context, our Top Picks are Alstom, Assa Abloy, Siemens and SKF. And we upgrade our rating on Epiroc (to Neutral) and downgrade dormakaba (to Neutral) and Sandvik (to Underperf...