reports
- Denise Molina
Morningstar | Koninklijke KPN Reports 2Q Results Above Expectations; S...
Narrow-moat KPN met revenue expectations and surpassed EBITDA ones in its second-quarter results, with a 3.1% year-over-year reported revenue decline and a 3.6% adjusted EBITDA increase. EBITDA margin improved close to 300 basis points year over year, with revenue declines more than offset by cost-saving initiatives such as reductions in personnel and IT expenses, and the closure of Telfort’s stores. We maintain our EUR 3 fair value estimate for the local shares and USD 3.40 for ADRs. In the ...
- Denise Molina
Koninklijke KPN Reports 2Q Results Above Expectations; Shares Slightly...
Narrow-moat KPN met revenue expectations and surpassed EBITDA ones in its second-quarter results, with a 3.1% year-over-year reported revenue decline and a 3.6% adjusted EBITDA increase. EBITDA margin improved close to 300 basis points year over year, with revenue declines more than offset by cost-saving initiatives such as reductions in personnel and IT expenses, and the closure of Telfort’s stores. We maintain our EUR 3 fair value estimate for the local shares and USD 3.40 for ADRs. In the...
- Denise Molina
Morningstar | Updated Koninklijke KPN NV
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Denise Molina
Updated Koninklijke KPN NV
Koninklijke KPN reported mixed first-quarter results with weak revenue growth, offset by profitability that was stronger than we expect for the year. These deviations from our expectations during the quarter were modest and thus we don’t anticipate any significant changes to our EUR 3 per share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue fell 2.9% year over year versus our full-year projection of a decline of ...
- Allan C. Nichols
Morningstar | Koninklijke KPN Reports Mixed First-Quarter Results; Sha...
Koninklijke KPN reported mixed first-quarter results with weak revenue growth, offset by profitability that was stronger than we expect for the year. These deviations from our expectations during the quarter were modest and thus we don’t anticipate any significant changes to our EUR 3 per share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue fell 2.9% year over year versus our full-year projection of a decline of...
- Allan C. Nichols
Koninklijke KPN Reports Mixed First-Quarter Results; Shares Fairly Val...
Koninklijke KPN reported mixed first-quarter results with weak revenue growth, offset by profitability that was stronger than we expect for the year. These deviations from our expectations during the quarter were modest and thus we don’t anticipate any significant changes to our EUR 3 per share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue fell 2.9% year over year versus our full-year projection of a decline of ...
- Allan C. Nichols
Morningstar | KKPNY Updated Forecasts and Estimates from 13 Mar 2019
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
Morningstar | KPN's Margins to Increase Due to Sell of iBasis Unit
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
KPN's Margins to Increase Due to Sell of iBasis Unit
Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the divis...
- Allan C. Nichols
Morningstar | Koninklijke KPN Reported in Line Q4 Results When Adjuste...
Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the divis...
- Allan C. Nichols
Koninklijke KPN Reported in Line Q4 Results When Adjusted for iBasis; ...
Koninklijke KPN reported fourth-quarter results that were generally in line with our expectations, and we plan to maintain our EUR 3 per local share fair value estimate and narrow moat rating. While the firm’s reported full-year revenue of EUR 5.64 billion looks light versus our estimate of EUR 5.73, and its adjusted EBITDA margin of 40.8% looks strong versus our projection of 39.4%, this is basically due to the differences in how we accounted for its iBasis unit. KPN agreed to sell the divis...
- Allan C. Nichols
Morningstar | KKPNY Updated Forecasts and Estimates from 18 Dec 2018
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
Morningstar | KPN Remains the Largest Telecom Operator in the Netherla...
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
KPN Remains the Largest Telecom Operator in the Netherlands
Koninklijke reported third-quarter results generally in line with our expectations, and we 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 decline of 0.9% looks very good versus our full-year projection of an 11.8% drop. However, the difference is because of the way we account for the pending sale of its iBasis unit. The firm reports results on a proforma basis as if the business was sold at the e...
- Allan C. Nichols
Morningstar | Koninklijke KPN Reported 3Q Results Generally in Line Wi...
Koninklijke reported third-quarter results generally in line with our expectations, and we 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 decline of 0.9% looks very good versus our full-year projection of an 11.8% drop. However, the difference is because of the way we account for the pending sale of its iBasis unit. The firm reports results on a proforma basis as if the business was sold at the e...
- Allan C. Nichols
Koninklijke KPN Reported 3Q Results Generally in Line With Our Expecta...
Koninklijke reported third-quarter results generally in line with our expectations, and we 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 decline of 0.9% looks very good versus our full-year projection of an 11.8% drop. However, the difference is because of the way we account for the pending sale of its iBasis unit. The firm reports results on a proforma basis as if the business was sold at the e...
- Allan C. Nichols
Morningstar | We're Upgrading Koninklijke's Moat Trend to Stable From ...
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base--its Belgian operation--to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
New Morningstar Analyst Report for Koninklijke NV
KPN reported second-quarter results with better EBITDA margins than we expected, but we are maintaining our EUR 3 per local share fair value estimate and narrow moat rating. We believe the shares are slightly undervalued. The firm continues to reduce costs, which pushed its adjusted EBITDA margin to 41.1%, nicely ahead of our full-year projection of 39.4%. KPN reported adjusted revenue declined 1.5% year over year versus our estimate of a drop of 11.2%. However, KPN excludes its iBasis unit, who...
- Allan C. Nichols
Morningstar | KKPNY Updated Forecasts and Estimates from 27 Aug 2018
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base, its Belgian operation, to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
- Allan C. Nichols
Morningstar | KPN's consumer business growth likely to return after la...
KPN is the incumbent telecom operator in the Netherlands and is starting to show signs of growth. In 2014, the firm sold its E-Plus division in Germany to Telefonica and in February 2016, it completed the sale of Base, its Belgian operation, to Liberty Global for EUR 1.325 billion. These deals strengthened the balance sheet even after paying out some of the proceeds in special dividends.Increased competition and changes in customer behavior have pressured KPN's sales in the Netherlands. Its trad...
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