reports
- Allan C. Nichols
KPN Reported Mixed 1Q Results With Weak Revenue, but Strong Margins; S...
KPN reported mixed first-quarter results, with weak revenue but strong margins. We expect these issues to basically offset each other and to maintain our EUR 3 per local share fair value estimate and narrow moat rating. We believe the shares are undervalued. The firm’s reported revenue fell 3.4% year over year versus our projection of a 1.3% drop. The company appears to have been hit worse by the European Union regulatory changes known as “roam-like-at-home,†or RLAH, than the other Europe...
- Allan C. Nichols
KPN Reports Slightly Weak 4Q Results; Our FVE Raise Is Due to Higher M...
KPN reported fourth-quarter results that were a bit light, but we are increasing our local fair value estimate to EUR 3 per share from EUR 2.90 and the ADR to $3.70 from $3.50 because of higher expected EBITDA margins and the time value of money. The ADR also benefits from the continued rebound in the euro versus the U.S. dollar. This is partially reduced by a reduction in our revenue growth rate. We believe the shares are fairly valued. The firm reported revenue fell 6.3% for the quarter year o...
- Allan C. Nichols
KPN Reports Slightly Weak 4Q Results; Our FVE Raise Is Due to Higher M...
KPN reported fourth-quarter results that were a bit light, but we are increasing our local fair value estimate to EUR 3 per share from EUR 2.90 and the ADR to $3.70 from $3.50 because of higher expected EBITDA margins and the time value of money. The ADR also benefits from the continued rebound in the euro versus the U.S. dollar. This is partially reduced by a reduction in our revenue growth rate. We believe the shares are fairly valued. The firm reported revenue fell 6.3% for the quarter year o...
- Allan C. Nichols
KPN's consumer business continues to grow while the business segment s...
KPN reported mixed third-quarter results, with weak revenue but solid EBITDA margins. We are maintaining our fair value estimates of EUR 2.90 for the local shares and $3.40 for the ADRs and believe the shares are fairly valued. The firm reported a worse-than-expected year-over-year revenue decline of 6.6% in the quarter versus our full-year projection of down 2.4%. While KPN’s convergence program is doing well, with 62% of its postpaid wireless customers on a converged plan and average revenue...
- Allan C. Nichols
KPN Reports Mixed 3Q Results, With Weak Revenue but Strong EBITDA Marg...
KPN reported mixed third-quarter results, with weak revenue but solid EBITDA margins. We are maintaining our fair value estimates of EUR 2.90 for the local shares and $3.40 for the ADRs and believe the shares are fairly valued. The firm reported a worse-than-expected year-over-year revenue decline of 6.6% in the quarter versus our full-year projection of down 2.4%. While KPN’s convergence program is doing well, with 62% of its postpaid wireless customers on a converged plan and average revenue...
- Allan C. Nichols
KPN's consumer business continues to grow while the business segment s...
KPN reported mixed second-quarter results with weaker revenue but better EBITDA margins. We expect these items to offset each other and to maintain our fair value estimate in local currency terms. However, we will likely increase our fair value estimate for the ADRs in line with the recent appreciation of the euro versus the U.S. dollar. We believe the shares are fairly valued at current price. The firm reported adjusted revenue fell 3.2% year over year versus our expectation of a drop of 2%. Th...
- Allan C. Nichols
KPN's consumer business continues to grow while the business segment s...
KPN reported mixed second-quarter results with weaker revenue but better EBITDA margins. We expect these items to offset each other and to maintain our fair value estimate in local currency terms. However, we will likely increase our fair value estimate for the ADRs in line with the recent appreciation of the euro versus the U.S. dollar. We believe the shares are fairly valued at current price. The firm reported adjusted revenue fell 3.2% year over year versus our expectation of a drop of 2%. Th...
- Allan C. Nichols
Koninklijke KPN Reported Mixed 2Q Results With Weak Revenue but Better...
KPN reported mixed second-quarter results with weaker revenue but better EBITDA margins. We expect these items to offset each other and to maintain our fair value estimate in local currency terms. However, we will likely increase our fair value estimate for the ADRs in line with the recent appreciation of the euro versus the U.S. dollar. We believe the shares are fairly valued at current price. The firm reported adjusted revenue fell 3.2% year over year versus our expectation of a drop of 2%. Th...
- Allan C. Nichols
KPN's consumer business continues to grow while the business segment s...
KPN reported first-quarter results that were a bit weak, but we are maintaining our fair value estimate for the local shares. We are increasing the ADR fair value estimate to $3.15 from $3.10 to reflect the recent rebound in the euro. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The company reported that revenue declined 2.4% versus our full-year estimate of a drop of 1.1%. The biggest difference was renewed weakness in iBasis, its international carrier busin...
- Allan C. Nichols
KPN's 1Q Results a Bit Soft, but We're Maintaining Our Valuation; Shar...
KPN reported first-quarter results that were a bit weak, but we are maintaining our fair value estimate for the local shares. We are increasing the ADR fair value estimate to $3.15 from $3.10 to reflect the recent rebound in the euro. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The company reported that revenue declined 2.4% versus our full-year estimate of a drop of 1.1%. The biggest difference was renewed weakness in iBasis, its international carrier busin...
- Allan C. Nichols
KPN's consumer business continues to grow while the business segment s...
KPN reported 2016 results that were a touch better than our expectations, but we don’t expect to make any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported adjusted revenue down 3.4% year over year, spot on with our estimate. However, its adjusted EBITDA margin of 35.8% was a bit better than our projection of 35.3%. The consumer section continues to perform well, following our macro thesis that ...
- Allan C. Nichols
KPN Reports Slightly Better 2016 Results Due to Cost-Cutting; Shares F...
KPN reported 2016 results that were a touch better than our expectations, but we don’t expect to make any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported adjusted revenue down 3.4% year over year, spot on with our estimate. However, its adjusted EBITDA margin of 35.8% was a bit better than our projection of 35.3%. The consumer section continues to perform well, following our macro thesis that ...
- Allan C. Nichols
KPN's consumer wireless business has returned to growth faster than we...
KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...
- Allan C. Nichols
KPN's Revenue In Line, but Margins Better; Maintaining Fair Value Esti...
KPN reported third-quarter results that were a bit better than our estimates, but for now we are maintaining our fair value estimate for both the local shares and the ADR. Our narrow moat rating remains unchanged. The firm reported revenue down 2.6% year over year in the quarter and 3.4% for the nine-month period, which is spot on with our full-year projection. The consumer division continues to make progress and saw its revenue increase 1.5% in the quarter. Growth is being driven from its premi...
- Allan C. Nichols
KPN's consumer wireless business returns to growth faster than we anti...
KPN reported weak second-quarter revenue, as its consumer operation's recovery has stalled and the business sector continues to struggle. With this setback, and given recently paid special dividends totalling EUR 0.305, we are reducing our fair value estimate for the local shares to EUR 2.90, and that for the ADRs to $3.10. Our narrow moat rating remains unchanged. The firm reported a revenue decline of 4.3%, versus our full-year projection of a decline of 2.8%. While we think the second half of...
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