reports
KPN announces Eurobond and Tender Offer
KPN announces Eurobond and Tender Offer Today, Koninklijke KPN N.V. (“KPN”) announces its intention to issue a EUR 500m (expected) size Eurobond under its Global Medium Term Note programme. The proceeds from the new bond offering will be used to refinance existing indebtedness and for general corporate purposes. Simultaneously, KPN announces an offer to repurchase any and all of its GBP 400m 5.00% notes due 2026 (ISIN: XS0707430947) of which GBP 250m is outstanding and up to GBP 300m of its GBP 850m 5.75% notes due 2029 (ISIN: XS0451790280) of which GBP 550m is outstanding (the “Offers”). ...
- Research Department
INFORME DIARIO 03 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDRA, MELIÁ, TELEFÓNICA, UNICAJA. EUROPA: INTESA SANPAOLO, UNICREDIT. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex alcanza los 18.000 puntos Jornada de menos a más en las bolsas europeas, con el Ibex liderando de nuevo...
- Research Department
IBERIAN DAILY 03 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: AEDAS HOMES, INDRA, MELIÁ, UNICAJA, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Ibex hits 18,000 points European stock markets saw an increasing performance, with the Ibex leading gains again, climbing more than +1.0% where the volatility of metals continued after the election of K. Warsh ...
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Russell Waller
Elisa (Neutral, TP: €38, -2%) Post Q4 25 model update – Difficult outl...
In this note, we update our model and thoughts following the Q4 results incorporating conference call feedback and compare our new estimates to guidance and consensus. Elisa has had a tumultuous few days – down on the day of results, and now up heavily after.
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 400,000 KPN ordinary shares in the period from 29 January to 30 January 2026. The shares were repurchased at an average price of € 4.09 per share for a total consideration of € 1.6m. These repurchases are part of the € 250m share buyback started on 29 January 2026 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 30 January 2026 is 400,000 for a total consideration of € 1.6m. Aggregated transaction details of the share buyback ...
- Russell Waller
Elisa (Neutral, TP: €40, +8%) Q4 25: Weak results, weak guidance, and...
Elisa has reported a weak set of Q4 numbers, with slowing trends, misses vs consensus, weak guidance and a lower than expected dividend. The results would justify a further sell-off in our view, as concerns over competition in Finland continue. Elisa has gone from being a premium-rated defensive bellwether to perennial downgrade concern.
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Post Q4 25 model update
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback, feedback following meeting the CEO/CFO, and compare our new estimates to guidance and consensus. We have trimmed EBITDA slightly for 26/27, but have lifted OpFCF due to the good CapEx discipline.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Q4 25: A lot of mixed messaging
Tele2 has reported a confusing set of results with lots of mixed messages. On the one hand, Q4 results were good, but 2026 EBITDAaL guidance is a but disappointing and at odds with current growth rates and looks beatable given likely Q1 growth rates.
Members of Board of Management buy KPN shares
Members of Board of Management buy KPN shares Today, members of the Board of Management have purchased shares to increase their shareholding in KPN. Joost Farwerck, CEO of KPN, has purchased 25,000 KPN shares.Wouter Stammeijer, COO of KPN, has purchased 15,000 KPN shares. In line with KPN’s remuneration policy, KPN’s board members are encouraged to build up share positions representing an amount of 250% of base salary for the CEO and 150% of base salary for the other members of the Board of Management within five years from their appointment. Formal disclosures: Royal KPN N.V. Head of I...
- Nicolas David
LOGI LOGITECH INTERNATIONAL S.A.
SGE SAGE GROUP PLC
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
SAND SANDVIK AB
GLE SOCIETE GENERALE S.A. CLASS A
OMV OMV AG
ARCAD ARCADIS NV
STR STRABAG SE
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
CPR DAVIDE CAMPARI-MILANO N.V.
ATCO A ATLAS COPCO AB
- Nicolas David
LOGI LOGITECH INTERNATIONAL S.A.
SGE SAGE GROUP PLC
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
SAND SANDVIK AB
GLE SOCIETE GENERALE S.A. CLASS A
OMV OMV AG
ARCAD ARCADIS NV
STR STRABAG SE
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
CPR DAVIDE CAMPARI-MILANO N.V.
ATCO A ATLAS COPCO AB
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Konrad Zomer
KPN announces € 250m share buyback commencement
KPN announces € 250m share buyback commencement KPN’s successful execution of its strategy enables the company to structurally return additional capital to its shareholders. Today, KPN announced a € 250m share buyback (the "Share Buyback") on top of an anticipated € 20.0ct dividend per share over 2026, distributing all Free Cash Flow to its shareholders. The Share Buyback is to start on 29 January 2026 and expected to be completed by 29 June 2026 at the latest. KPN expects to use a total of up to 1.5 million of the repurchased shares to cover employee share plans and intends to cancel the ...
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
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