Event in Progress:
Discover the latest content that has just been published on Research Tree
Q1 Revenues and EBITDA grew respectively by 1.6% and 3.1% yoy (thanks to tight cost control while inflationary effects on opex and Capex were absorbed).
The group can now be seen as a modest long-term growth story. We are however at Reduce with no downside. Like Swisscom or Elisa, the KPN share price has declined since Mid-March after having reached what could be a peak given their dividend yields at c.4% in a climate of rising long-term rates.
Companies: Royal KPN NV
Q4 was bang in line with expectations.
KPN has confirmed its outlook for 2022-23 and clarified its dividend intentions: a 5% yoy growth for 2022 and a 3-5% growth for the following years.
The group can now clearly be seen as a slight growth story over the long term. The high investments are paying off and they should decrease from 2024.
We believe the group deserves a best-in-class dividend yield and we maintain our opinion at Add.
Q2 was slightly better than expectations with a very slight increase in revenues and an EBITDAal up by 0.6% yoy.
KPN can now be seen as a future slight growth story. KPN’s dividend should increase in the coming years thanks to higher ARPUs and a better EBITDA margin. Note the group has just announced a new share buy-back programme representing 2% of the market cap.
The group deserves a better dividend yield and we maintain our Buy recommendation.
Q1 was very slightly better than expectations.
Despite the high capex still planned for 2021-23, KPN should offer a regular slight growth of 3-5% per year in its dividend. KPN will accelerate its fibre rollout to more than c.500k homes passed per year, crossing the 55% mark in 2023 and reaching c.75% of Dutch households by 2025.
We maintain our opinion at Add on the stock with a 12% upside.
A promising Q4. For the first time, the growing revenues from KPN’s fibre portfolio more than offset declining revenues from the copper portfolio. This indeed bodes well for steady growth in the Fixed activities in the years to come.
The group can now be seen as a slight growth story as opposed to zero growth before.
High investments should not decrease before 2024 but they are paying off… and the dividend should slightly increase thanks to higher ARPUs and a better EBITDA margin.
Q3 was in line with expectations with a disappointing 3.7% yoy and lfl decline in revenues but very solid EBITDA up by 1.3% yoy and lfl. The stock has already recovered and is trading 7% below its February levels and at its May levels. This is however also due to recent rumours about a takeover of KPN by the European private equity firm EQT.
We maintain our Buy opinion on the stock.
Q2 was in line with expectations with a 3% decline in revenues but a flat EBITDA yoy and lfl. The stock has already recovered and is 5-10% below its February prices. Given the dividend could slightly increase in the coming years and that the dividend yield is only at its peers average, we maintain our opinion at Add on the stock.
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.
Q2 revenues were down by 3.1% yoy, a slightly disappointing number which was, however, expected as in Q1 they were down by 2.9%. But EBITDA (adjusted from IFRS 16) was up by 3.6%: good news reflecting more than in previous quarters that, despite lower revenues, savings related to the second wave of its Simplification programme and digitalisation of services are bearing fruit.
We maintain our opinion at Add on KPN.
Q1 revenues were down by 2.9% yoy, a disappointing number as in Q4 they were down by only 1.1%. But EBITDA was nearly flat reflecting as in previous quarters that, despite lower revenues, savings related to the second wave of its Simplification programme and digitalisation of services are bearing fruit.
We maintain our opinion at Add on KPN which offers today a 4.65% secure dividend yield.
Quite correct although expected Q4 release for KPN.
KPN is probably a no-growth story for 2019 but it is certainly completing the building up of key assets for the future in mobile and fixed broadband, preparing its networks for the future global television revolution to face in particular the powerful player arising from the JV between Ziggo and Vodafone.
Besides, its current retructuring programme should allow the group to return to organic growth in 2020-21.
We maintain our opinion at Add.
Quite a correct Q3, although EBITDA could have been a little bit better. A good Q3 indeed on the residential consumer side, a mixed one on mobile consumer and a disappointing one on business activities.
We maintain our opinion at Add on KPN which offers today a 5.9% secure dividend yield.
The group is confirming its recovery in terms of EBITDA. KPN’s Simplification programme is bearing fruit with a solid EBITDA margin (at 41.1% this quarter).
We maintain our opinion at Add on the stock with a 10% upside.
Q1 revenues were down by 3.4% yoy: a performance better than the 5.5% decline recorded in H2 17 but poorer than the 2.2% decline recorded in H1 17. But, note, revenues would have declined by only 1.3% yoy if we exclude the effect of regulation. Besides, excluding also the Wholesale sharp decline (-15%), the consumer (53% of KPN’s global revenue) and business (38% of KPN’s global revenue) activities would have indeed recorded flat revenues.
The Q1 EBITDA was very good, up by 2.3% yoy (vs a 2.8%.
Q4 revenues were down by 5.3% yoy: a performance in line with the -5.6% recorded in Q3 but poorer than the 2.1% and 2.4% declines recorded in Q2 and Q1.
But, excluding the Wholesale and iBasis sharp declines (respectively -12% and -30%), consumer revenues (50% of KPN’s global revenue) were down by only 1.4% yoy (and up by 0.7% excluding the negative impact from the “Roam like at home” regulation) while the usual decline in the business activities (35% of KPN’s global business) continued to imp
Research Tree provides access to ongoing research coverage, media content and regulatory news on Royal KPN NV.
We currently have 91 research reports from 2
Finals from Trakm8 Holdings plc (TRAK.L), the global telematic and data insight provider, were in line with previous guidance with revenue increasing 13% to £18.1m and a £0.3m positive swing in adj. PBT to breakeven. Momentum built during FY22 with a number of contract awards and extensions secured in H2 and the outlook is positive although the company must navigate the challenges around component supply and inflationary pressures. Trakm8’s integrated model (software and hardware, design, manufa
Companies: Trakm8 Holdings PLC
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
A correct release globally in line with expectations (slight slowdown in revenue growth in Q4 but a slightly better than expected FCF for the full year) but the outlook given by management for 2022/23 is quite cautious (this is the upper range of the guidance which corresponds to our estimates).
We maintain our opinion at Buy. Note, however, the CEO Nick Read is rather under fire after missing opportunities in Italy (Iliad), Spain (Orange-Masmovil merger) and with Vantage.
Companies: Vodafone Group Plc
FY21 results show another very strong year of trading for Calnex, with revenue of £22.0m, 8.9% ahead of our forecast £20.2m, with PBT up 64% to £6.0m. Demand for telecoms testing equipment has remained very strong. The order backlog has continued to grow and was at record levels entering FY23E. Calnex has managed component supply chain issues well, though component supply will remain an issue throughout FY23. Investment in product development and operational scalability has increased substantial
Companies: Calnex Solutions Plc