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.
27 Jul 2021
Continued slow progress in curbing revenue growth trend
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Continued slow progress in curbing revenue growth trend
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.