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Research Tree provides access to ongoing research coverage, media content and regulatory news on KONINKLIJKE KPN NV. We currently have 5 research reports from 1 professional analysts.
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KONINKLIJKE KPN NV
KONINKLIJKE KPN NV
The best TV product for nationwide operators!
01 Feb 17
Quite a good Q4 for KPN: Even if revenues, down by 2.3% yoy (but vs -3% and -4.3% in Q2 and Q1), are still suffering from the decline in the business market size (consumer revenues grew by 2.3% yoy), EBITDA was good (growing by 4.1% yoy as it was up by 3.4% in Q3 and above all down by 4.5% in Q1 and by 1.7% in Q2) driven by growth in the customer base and the positive impact of cost savings. KPN remains however cautious for its 2017 outlook with an EBITDA in line with 2016. KPN intends to pay a regular dividend of €0.10 for 2016 and €0.11 for 2017 (without counting the fact that as usual KPN intends to pass on the potential dividend received from Telefónica Deutschland to its shareholders (c.€0.025)).
Rationalisation of the network is paying off
27 Oct 16
Quite a good Q3 for KPN: even if revenues, down by 3% yoy, are still suffering from the decline in the business market size (consumer revenues grew by 1.5% yoy), the EBITDA was good (growing by 3.4% yoy as it was down by 4.5% in Q1 and by 1.7% in Q2) driven by customer base growth and the positive impact of cost savings.
Consolidating its market shares on the consumer side
27 Jul 16
Although Q1 revenues had decreased by 2.6% yoy while the EBITDA had declined slightly more by 4.5%, it was the opposite in Q2 with revenues down more than expected by 4.3% yoy but a better EBITDA down by only 1.7%. Once again, growing Consumer revenues were offset by the impact of the ongoing decline in the size of the business market. So, as in the two previous quarters, a mixed release.
Q1 in line with expectations
02 May 16
Q1 16 revenues declined by 2.6% yoy (excluding the contact centre business SNT Deutschland which was sold in Q1). Once again growing Consumer revenues were offset by the impact of the ongoing decline in size of the business market and lower revenues at iBasis. The EBITDA decreased by 4.5% yoy but this is due to temporarily higher IT-related costs in network and operations in the run-up to IT rationalisation. Note also an impairment charge related to iBasis for €45m. KPN intends to pay a regular dividend of €10 cents in respect of 2016 and grow the dividend in line with its free cash flow growth profile thereafter. KPN will distribute €1.2bn of the combined proceeds from the sale of BASE to Telenet and c.5% Telefónica Deutschland shares to its shareholders in the form of a capital repayment of €28 cents per share. KPN expects to execute the capital repayment in June 2016. The remaining 15.5% stake in Telefónica Deutschland is treated as a financial investment and KPN still intends to distribute the expected Telefónica Deutschland dividend over 2015 (€110m) to its shareholders in the form of a special interim dividend distribution of €2.5 cents per share (the payment date is 27 May 2016).
A mixed release
03 Feb 16
Q4 2015 revenues declined by 5.9% yoy (adjusted with a tax settlement benefit of €44m in Q4 2014). Growing Consumer revenues were offset by the impact of the ongoing decline of the business market size and lower revenues at iBasis. The EBITDA decreased however by only 0.7% yoy in Q4 2015 (without the tax settlement benefit in Q4 2014). These results are quite disappointing compared to the previous Q3 where revenues were down by only 2.6% yoy (vs -3.5% in H1) thanks to 3.7% growth on the consumer side, while the EBITDA grew by 4.6% (vs. less than +1% in H1).
20 Apr 17
TEP’s trading update for the year to March 2017 highlights modest growth as expected, with a total dividend of 48p (25p final dividend) in line (49pE). FY18 forecasts are trimmed 3% at adjusted PBT level, to remain in line with FY17, with better quality customers taking all possible services – at a higher cost of acquisition but better prospective year 2 margins. With the positive outlook that a narrowing of the gap between standard variable energy tariffs and aggressively priced introductory deals has led to an encouraging upward trend in Q4 to March, prospects for restored growth in revenue (FY18) and profit (FY19) are strong. Improved incentivisation of the self employed salesforce, after a few years of lower growth, is complemented by the imminent addition of Home Insurance, adding sales momentum and increased customer interest as utility prices rise. With the double upside to the £70m tender offer in summer, and the June release of FY19 forecasts illustrating growth following greater detail available at prelims, the future is brighter for TEP. Target 1360p reiterated.
Northland Capital Morning Report
02 Dec 15
Divergence looks set to dominate the final month of 2015 and set the tone for 2016. The European Central Bank is widely expected to extend its QE economic stimulus programme and could reduce its overnight deposit rate further in an attempt to boost inflation, and more stimulus could come from Japan and China. Meanwhile the Federal Reserve is now expected to lift rates from historic lows. Higher US rates will impact not only the cost of capital in the US but also emerging markets where growth remains much weaker and leverage high. The move by the ECB is unlikely to have a major impact, however, as it is an extension rather than a new tool and the headlines continue to be dominated by politics rather than financial markets (Isis, the refugee/migrant crisis, tensions between Russia and Turkey etc). The respective moves are likely to further weaken the euro in 2016. The UK sits somewhere in the middle. November’s Autumn Statement saw the Chancellor drop his tax credit reduction plans and benefit from a surprise £27bn improvement in the Office for Budget Responsibility’s five year public finances forecast, based on higher tax revenue and lower debt interest. The general shift away from austerity, the protection of tax credits and increased minimum wage should ensure further economic growth.
Strong performance in the non-legacy business
20 Apr 17
TomTom reported Q1 revenues of €212.7m, down 2% yoy and 19.9% sequentially. Consumer decreased by 16% yoy to €98m, representing the main down-mover. The three other businesses combined grew by 14.1% to €114.7m, with in decreasing order Automotive (€41.1m, +38.4% yoy), Telematics (€40.6m, +9.4%) and Licensing (€33m, -2.1%). The gross margin came in at 62.2%, up 540bp yoy, while the EBIT margin lost 30bp to -2.3% (-€4.8m). EPS came in at €-0.02 and adjusted EPS at €0.03. The company re-iterated its guidance for FY17 with adjusted EPS of around €0.25 and revenues of between €1,025 and €1,050m.
31 Jan 17
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