Financials Koninklijke KPN N.V. OTC Markets

Equities

KKPN.Y

US7806412059

Integrated Telecommunications Services

End-of-day quote OTC Markets Other stock markets 23:00:00 14/05/2024 BST			5-day change	1st Jan Change
3.78 ^USD	+0.80%		+5.59%	+10.53%

04-24	Transcript : Koninklijke KPN N.V., Q1 2024 Earnings Call, Apr 24, 2024
04-24	KPN: solid start to the year despite inflation	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,038	10,435	11,257	11,459	12,442	13,576	-	-
Enterprise Value (EV) ¹	16,186	15,767	17,831	16,894	18,024	19,729	19,627	19,835
P/E ratio	17.5 x	19.1 x	8.81 x	16.1 x	15.6 x	16.2 x	14.7 x	13.5 x
Yield	4.75%	5.23%	4.98%	4.95%	4.81%	4.92%	5.16%	5.51%
Capitalization / Revenue	2.01 x	1.98 x	2.14 x	2.15 x	2.28 x	2.43 x	2.37 x	2.32 x
EV / Revenue	2.95 x	2.99 x	3.39 x	3.17 x	3.31 x	3.53 x	3.43 x	3.39 x
EV / EBITDA	6.99 x	6.8 x	7.6 x	7.03 x	7.45 x	7.54 x	7.28 x	7.14 x
EV / FCF	22.3 x	20.6 x	22.7 x	19.6 x	20.3 x	20.5 x	19.6 x	19 x
FCF Yield	4.49%	4.85%	4.4%	5.1%	4.92%	4.88%	5.09%	5.26%
Price to Book	4.4 x	3.98 x	3.55 x	3.19 x	3.45 x	3.73 x	3.54 x	3.45 x
Nbr of stocks (in thousands)	4,195,544	4,195,914	4,123,551	3,964,897	3,990,322	3,930,527	-	-
Reference price ²	2.631	2.487	2.730	2.890	3.118	3.454	3.454	3.454
Announcement Date	29/01/20	27/01/21	21/02/22	31/01/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,486	5,275	5,256	5,327	5,448	5,595	5,722	5,857
EBITDA ¹	2,317	2,320	2,347	2,404	2,420	2,617	2,697	2,777
EBIT ¹	1,041	912	1,862	1,214	1,342	1,367	1,441	1,537
Operating Margin	18.98%	17.29%	35.43%	22.79%	24.63%	24.43%	25.18%	26.24%
Earnings before Tax (EBT) ¹	663	649	1,627	993	1,088	1,099	1,200	1,304
Net income ¹	614	561	1,288	760	844	846.8	919.7	993.5
Net margin	11.19%	10.64%	24.51%	14.27%	15.49%	15.14%	16.07%	16.96%
EPS ²	0.1500	0.1300	0.3100	0.1800	0.2000	0.2134	0.2357	0.2560
Free Cash Flow ¹	726	765	784	862	886	962.7	999.5	1,042
FCF margin	13.23%	14.5%	14.92%	16.18%	16.26%	17.21%	17.47%	17.79%
FCF Conversion (EBITDA)	31.33%	32.97%	33.4%	35.86%	36.61%	36.78%	37.06%	37.53%
FCF Conversion (Net income)	118.24%	136.36%	60.87%	113.42%	104.98%	113.69%	108.68%	104.92%
Dividend per Share ²	0.1250	0.1300	0.1360	0.1430	0.1500	0.1700	0.1783	0.1902
Announcement Date	29/01/20	27/01/21	21/02/22	31/01/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	-	-	2,584	1,312	1,358	1,311	1,314	1,337	1,366	1,333	1,331	1,334	1,421	1,377	1,381	1,409	1,453	-
EBITDA ¹	-	-	-	1,156	607	584	593	595	618	598	584	596	629	611	605	640.4	675.1	669.8	-
EBIT ¹	-	-	-	-	-	252	291	307	325	291	-	-	-	323	337	346.2	364.5	342.7	-
Operating Margin	-	-	-	-	-	18.56%	22.2%	23.36%	24.31%	21.3%	-	-	-	22.73%	24.47%	25.07%	25.87%	23.59%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	187	-	-	-	-	-	-	-	262	221	277.1	283	278	-
Net income ¹	-	-	-	-	185	164	179	-	-	190	-	-	-	-	175	213.8	216.3	219.7	-
Net margin	-	-	-	-	14.1%	12.08%	13.65%	-	-	13.91%	-	-	-	-	12.71%	15.48%	15.36%	15.12%	-
EPS ²	-	-	-	-	0.0500	0.0400	0.0400	0.0500	0.0500	0.0400	0.0500	0.0500	0.0500	0.0500	0.0400	0.0522	0.0530	0.0541	-
Dividend per Share ²	0.0830	0.0430	0.0900	-	-	0.0930	-	0.0480	-	0.0950	-	-	-	0.0980	0.0850	-	-	0.0850	-
Announcement Date	29/01/20	27/07/20	27/01/21	27/07/21	26/10/21	21/02/22	29/04/22	26/07/22	26/10/22	31/01/23	26/04/23	24/07/23	25/10/23	31/01/24	15/04/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,148	5,332	6,574	5,435	5,582	6,153	6,051	6,259
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.222 x	2.298 x	2.801 x	2.261 x	2.307 x	2.351 x	2.244 x	2.254 x
Free Cash Flow ¹	726	765	784	862	886	963	1,000	1,042
ROE (net income / shareholders' equity)	28%	21.9%	21.4%	22.1%	23.4%	24.1%	25.3%	26.8%
ROA (Net income/ Total Assets)	4.85%	4.6%	10.4%	6.15%	6.97%	6.83%	6.65%	7.18%
Assets ¹	12,655	12,192	12,409	12,350	12,108	12,394	13,823	13,835
Book Value Per Share ²	0.6000	0.6200	0.7700	0.9000	0.9000	0.9300	0.9700	1.000
Cash Flow per Share ²	0.4800	0.4700	0.5100	0.5200	0.5300	0.6000	0.5800	0.5700
Capex ¹	1,115	1,147	1,216	1,206	1,248	1,224	1,216	1,208
Capex / Sales	20.32%	21.74%	23.14%	22.64%	22.91%	21.87%	21.26%	20.62%
Announcement Date	29/01/20	27/01/21	21/02/22	31/01/23	31/01/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Koninklijke KPN N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.454 EUR

Average target price

3.687 EUR

Spread / Average Target

+6.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
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VERIZON COMMUNICATIONS	+7.40%	170B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-10.62%	85.1B
CHINA TELECOM CORPORATION LIMITED	+17.91%	70.97B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+5.84%	62.31B
SAUDI TELECOM COMPANY	-6.31%	50.37B
CHARTER COMMUNICATIONS, INC.	-30.08%	39.14B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.62%	38.36B
BCE INC.	-9.85%	31.54B

Other Integrated Telecommunications Services