reports
- Russell Waller
- Russell Waller
KPN (Neutral, TP: €3.9, -3%) Q1 25: Better growth and beat vs consens...
KPN has reported a better set of results in terms of SR trends, with total SR now at +3% y/y in-line with mid-term guidance, but B2C SR remains well below +3% y/y, and we worry about the outlook here given the lack of front book price moves.
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELCOS: What a recessionary scenario might look like
When the news of the Trump tariffs first hit the tapes, we didn’t write anything initially as a) we didn’t think we had much of value to add to the thousands of column inches already written on the topic, and b) the direct impact from the tariffs to the EU telecoms sector is minimal – resulting in relative outperformance for the group over the past few days.
- Pierre FerraguÊ
Bible 4Q24: Telecom Infrastructure – Recovery across the board
Today, we are publishing the Telecom Infrastructure section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex rebounded, up 13% YoY, driving a strong recovery across the value chain—from fixed and mobile equipment to semiconductors. Nokia remains our top pick in the sector.
- Russell Waller
- Russell Waller
KPN (Neutral, TP: €3.7, -1%) Q2 24: Priced for perfection, and this w...
KPN has reported a good set of numbers with EBITDAaL c+1% ahead of consensus expectations and FCF ahead too; however, if one strips out assets sales from EBITDAaL (which KPN says one shouldn’t as guidance includes them (which is new news to us)), then EBITDAaL missed by c-1%. Adjusting for the various M&A deals, underlying SR trends are similar to Q1 for B2C and B2B, but wholesale is weaker than expected.
- Ben Rickett
EU Towers KPN/ APG transaction – pushing back on onerous leases
This morning KPN announced that they will combine their remaining tower assets with Open Tower Company, consolidating a new enlarged TowerCo. This is the first example of a European MNO buying back into towers; partly motivated by KPN wanting to renegotiate their MSA with OTC and to gain greater leverage in future MSA renegotiations (primarily with Cellnex). In this Quick Take we discuss valuation and implications for the EU Towers sector.
- Russell Waller
- Alan Vandenberghe
- Alexander Makar
- Guy Sips
- Jan Opdecam
- Ruben Devos
- Wim Hoste
KBC Securities Morning Note 18-7-2018 ABI BB, AKZA NA, BAR BB, BEFB BB...
AB InBev: Preview 2Q results Akzo Nobel: 2Q Adjusted EBIT -23% but big impact from one-offs Barco: 1H18 results preview Befimmo: HY18 update preview EVS: Departure of CEO Muriel De Lathouwer Greenyard: Revising investment case KPN: Trading update Tele2 NL
- Jérôme VINERIER
Short term view - KPN : The moving average is capping prices.
The trend is still bearish. No indicator nor pattern are questioning it. The invalidation is above €2.600. The target is at €2.210Arguments :- Prices have pulled back to the major resistance level (previously a support). The fall is now resuming.- The moving average is capping prices.
- Jérôme VINERIER
Analyse court terme - KPN : La moyenne mobile sert de résistance.
La tendance est toujours baissière, aucun indicateur ni aucune figure ne la remettent en cause. L'invalidation est au-dessus de 2,600 €. L'objectif est à 2,210 €.Arguments :- Les cours ont fait un pull-back sur la résistance majeure (ancien support), la baisse reprend.- La moyenne mobile sert de résistance.
- Jérôme VINERIER
Short term view - KPN : Pull-back over
The trend is still bearish, the invalidation level is above €2.660. The target is at €2.280.Arguments :- Prices have pulled back to the major resistance level (previously a support). The fall is now resuming.- Prices made a new low, the trend is well asserted.- The falling moving average confirms our opinion.
- Jérôme VINERIER
Analyse court terme - KPN : Pull-back achevé
La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 2,660 €. L'objectif est à 2,280 €.Arguments :- Les cours ont fait un pull-back sur la résistance majeure (ancien support), la baisse reprend.- Les cours font un nouveau plus bas, la tendance est affirmée.- La moyenne mobile, baissière, confirme notre avis.
- Jérôme VINERIER
Short term view - KPN : New low
The trend is still bearish, the invalidation level is above €2.940. The target is at €2.500.Arguments :- The major resistance has been reached, it causes the fall.- Prices made a new low, the trend is well asserted.- The falling moving average confirms our opinion.
- Jérôme VINERIER
Analyse court terme - KPN : Nouveau plus bas
La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 2,940 €. L'objectif est à 2,500 €.Arguments :- La résistance majeure est atteinte, elle cause le repli.- Les cours font un nouveau plus bas, la tendance est affirmée.- La moyenne mobile, baissière, confirme notre avis.
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