Koninklijke KPN NV

KPN: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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KPN Earnings: No Surprises; Guidance Maintained and Fair Value Unchanged

Javier Correonero

Oct 28, 2024

Narrow-moat KPN reported third-quarter adjusted revenue growth of 4.2% to EUR 1,420 million and adjusted EBITDAaL growth of 2.3% to EUR 643 million, both slightly above company-compiled consensus. Free cash flow was the only metric that came in below consensus, with management citing timing of interest payments, higher cash taxes, and investment in working capital as the cause. Management reaffirmed its guidance for the year as well as its midterm ambitions. We make no changes to our forecasts and maintain our EUR 3.20 fair value estimate.

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Koninklijke KPN NV

KPN Earnings: No Surprises; Guidance Maintained and Fair Value Unchanged

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