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.
29 Apr 2022
A solid Q1 but the dividend yield may not be compelling enough given the current inflation
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A solid Q1 but the dividend yield may not be compelling enough given the current inflation
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.