KPN reports on progress of € 250m share buyback

KPN reports on progress of € 250m share buyback KPN has repurchased 1,912,000 KPN ordinary shares in the period from 16 June to 20 June 2025. The shares were repurchased at an average price of € 4.14 per share for a total consideration of € 7.9m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 13 June 2025 is 50,723,738 for a total consideration of € 202.4m. Transaction details of the share buyback are availabl...

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

We acknowledge the shares have done well, +19% YTD, +9% vs the SXKP, on solid execution in the benign Dutch environment, and telecom stocks finally rerating. We agree the attractive FCF/cash returns profile to 2027, and low leverage, are not at risk. Management is committed to deliver its capex step down. However, we think this is better priced in, the risk return is less obvious and the growth beyond the 2027 “victory” will come with some twists. We think VodafoneZiggo's counter offensive (retail price cut, Docsis 4.0, deal with Delta), the Delta fibre footprint issue, FTTH capex inflation, t...

KPN reports on progress of € 250m share buyback

KPN reports on progress of € 250m share buyback KPN has repurchased 2,540,000 KPN ordinary shares in the period from 9 June to 13 June 2025. The shares were repurchased at an average price of € 4.13 per share for a total consideration of € 10.5m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 13 June 2025 is 48,811,738 for a total consideration of € 194.5m. Transaction details of the share buyback are availabl...

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...