KPN : Ongoing solid execution of a sound strategy
>3Q results a touch ahead of consensus with FY guidance maintained - KPN reported a strong set of results. Adjusted revenue growth was 4.2% at € 1,420m (consensus € 1,405m) and adjusted EBITDAaL came in at € 643m, +2.3% (+1.9% adjusted for Youfone). This was a touch ahead of consensus and our forecast (€ 639m). Capex was € 281m (consensus € 301m), down 8% yoy as a result of the timing of investments. FCF was disappointing at €178m (-10% YoY) and 20% below consensus at...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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