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Royal KPN NV >
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A stable EBITDA for 2020 despite the current simplification programme

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  • 29 Jan 2020

A stable EBITDA for 2020 despite the current simplification programme


Royal KPN NV (KPN:WBO) | 0 0 1.1% | Mkt Cap: 10,881m


  • AlphaValue
    • Jean-Michel Salvador

    • 3 pages

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Telecomms - Mobile image



Q4 revenues were down by 3% yoy, a slightly disappointing number as we were hoping for signs of stabilisation. Q4 EBITDA, down by 1.6% yoy and lfl, was also disappointing but above all it is the 2020 outlook which has a chilling effect as the EBITDA should be stable or slightly growing despite the new wave of KPN’s simplification programme. We maintain our opinion on the stock at Add, but we will probaly lower our estimates for 2020.


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A stable EBITDA for 2020 despite the current simplification programme


Royal KPN NV (KPN:WBO) | 0 0 1.1% | Mkt Cap: 10,881m


  • Published: 29 Jan 2020
  • Author: Jean-Michel Salvador
  • Pages: 3
  • AlphaValue


Q4 revenues were down by 3% yoy, a slightly disappointing number as we were hoping for signs of stabilisation. Q4 EBITDA, down by 1.6% yoy and lfl, was also disappointing but above all it is the 2020 outlook which has a chilling effect as the EBITDA should be stable or slightly growing despite the new wave of KPN’s simplification programme. We maintain our opinion on the stock at Add, but we will probaly lower our estimates for 2020.



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