Consensus Q1 '20
Analyst forecasts for the period ending 31 Mar 2020
Please note that this analyst consensus is subject to the disclaimer below:
The analyst consensus is based on forecasts provided by various leading equity analysts covering the KPN share.
The analyst consensus for the Q1 2020 period and full fiscal years 2020-2021 is based on the non-weighted average of 15 analyst forecasts (vs. 16 in Q4 2019).
The analyst forecasts were submitted to KPN in the period of 13 Mar 2020 to 27 Mar 2020. The consensus was published at 27 Mar 2020 at 17:45 CET.
The analyst consensus does not in any way represent KPN's financial expectations nor can this be considered to be a forward looking statement by KPN. The analyst consensus is provided for information purposes only, for the convenience of our investors. KPN is not responsible and cannot be held liable in any way for the accuracy, completeness or validity of the analyst consensus, nor for the figures, calculations or assumptions that have led thereto.
Consolidated figures | Q1 '20 | FY '20 | FY '21 | ||||||||||||||
Average | Median | High | Low | Average | Median | High | Low | Average | Median | High | Low | ||||||
Adjusted revenues | |||||||||||||||||
Consumer | 711 | 713 | 720 | 693 | 2,860 | 2,872 | 2,899 | 2,788 | 2,861 | 2,868 | 2,920 | 2,775 | |||||
Business | 484 | 486 | 499 | 456 | 1,954 | 1,958 | 2,004 | 1,882 | 1,919 | 1,936 | 1,978 | 1,799 | |||||
Wholesale | 147 | 146 | 159 | 141 | 599 | 594 | 644 | 575 | 606 | 600 | 664 | 576 | |||||
Network, Operations & IT | 2 | 2 | 4 | 1 | 7 | 6 | 16 | 6 | 7 | 6 | 16 | 6 | |||||
Other (incl. eliminations) | -24 | -23 | -15 | -31 | -88 | -102 | -60 | -120 | -88 | -100 | -59 | -120 | |||||
Total adjusted revenues | 1,321 | 1,322 | 1,347 | 1,278 | 5,331 | 5,343 | 5,418 | 5,222 | 5,305 | 5,327 | 5,394 | 5,139 | |||||
Revenues incidentals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total reported revenues | 1,321 | 1,322 | 1,347 | 1,278 | 5,331 | 5,343 | 5,418 | 5,222 | 5,318 | 5,346 | 5,506 | 5,139 | |||||
Operating expenses excl. D&A | |||||||||||||||||
Cost of goods & services | |||||||||||||||||
307 | 304 | 328 | 298 | 1,264 | 1,277 | 1,336 | 1,104 | 1,264 | 1,284 | 1,326 | 1,097 | ||||||
Personnel expenses | 261 | 257 | 281 | 242 | 956 | 958 | 1,025 | 890 | 925 | 914 | 1,039 | 846 | |||||
IT/TI | 82 | 82 | 85 | 79 | 320 | 320 | 340 | 308 | 299 | 302 | 340 | 270 | |||||
Other operating expenses | 91 | 97 | 113 | 73 | 382 | 392 | 449 | 309 | 334 | 351 | 410 | 176 | |||||
Total operating expenses excl. D&A | 747 | 746 | 796 | 710 | 2,962 | 2,971 | 3,063 | 2,901 | 2,881 | 2,865 | 3,071 | 2,798 | |||||
Opex incidentals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Opex restructuring | -26 | -26 | -13 | -30 | -100 | -100 | -50 | -140 | -91 | -90 | -50 | -140 | |||||
Total adjusted operating expenses | 721 | 720 | 766 | 685 | 2,861 | 2,862 | 2,941 | 2,802 | 2,777 | 2,767 | 2,880 | 2,713 | |||||
Adjusted EBITDA | |||||||||||||||||
EBITDA | 577 | 577 | 590 | 567 | 2,377 | 2,390 | 2,415 | 2,319 | 2,444 | 2,452 | 2,530 | 2,323 | |||||
Incidentals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Restructuring | 26 | 26 | 30 | 13 | 100 | 100 | 140 | 50 | 91 | 90 | 140 | 50 | |||||
Lease-related expenses | |||||||||||||||||
Depreciation right-of-use asset | -34 | -34 | -32 | -38 | -135 | -136 | -124 | -145 | -135 | -137 | -124 | -145 | |||||
Interest lease liabilities | -8 | -8 | -6 | -9 | -28 | -28 | -24 | -33 | -28 | -28 | -24 | -33 | |||||
Adjusted EBITDA after leases | 561 | 561 | 569 | 554 | 2,315 | 2,314 | 2,346 | 2,275 | 2,372 | 2,369 | 2,450 | 2,267 | |||||
P&L items cont'd | |||||||||||||||||
Depreciation | 242 | 243 | 252 | 224 | 967 | 970 | 1,010 | 900 | 944 | 955 | 1,020 | 840 | |||||
Amortization | 130 | 134 | 138 | 100 | 524 | 540 | 552 | 400 | 523 | 540 | 547 | 400 | |||||
Total D&A | 373 | 375 | 390 | 350 | 1,498 | 1,510 | 1,549 | 1,400 | 1,479 | 1,492 | 1,562 | 1,380 | |||||
Operating profit | |||||||||||||||||
203 | 208 | 225 | 186 | 878 | 886 | 993 | 774 | 964 | 963 | 1,070 | 782 | ||||||
Profit for the period | |||||||||||||||||
100 | 94 | 131 | 81 | 472 | 484 | 577 | 359 | 570 | 582 | 673 | 379 | ||||||
Earnings per share (non-diluted) from continuing operations (in €) | |||||||||||||||||
0.02 | 0.02 | 0.03 | 0.02 | 0.11 | 0.12 | 0.14 | 0.10 | 0.14 | 0.14 | 0.16 | 0.11 | ||||||
Dividend per share (in € cents) - Regular | 0.0 | 0.0 | 0.0 | 0.0 | 13.2 | 13.0 | 13.8 | 13.0 | 14.1 | 13.8 | 16.0 | 13.0 | |||||
Dividend per share (in € cents) - Additional | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.5 | 0.0 | 0.1 | 0.0 | 0.6 | 0.0 | |||||
Dividend per share (in € cents) - Total | 0.0 | 0.0 | 0.0 | 0.0 | 13.2 | 13.0 | 14.3 | 13.0 | 14.2 | 13.7 | 16.0 | 13.0 | |||||
Free cash flow | |||||||||||||||||
EBITDA | 577 | 577 | 590 | 567 | 2,377 | 2,390 | 2,415 | 2,319 | 2,444 | 2,452 | 2,530 | 2,323 | |||||
Interest received/(paid) | -101 | -101 | -76 | -126 | -272 | -268 | -255 | -294 | -247 | -243 | -226 | -271 | |||||
Taxes received/(paid) | -2 | 0 | 0 | -6 | -19 | -20 | -8 | -33 | -26 | -25 | -8 | -100 | |||||
Change in provisions | 0 | 0 | 5 | -8 | -15 | -12 | 0 | -40 | -11 | -6 | 0 | -40 | |||||
Change in working capital | -79 | -72 | -50 | -120 | -69 | -70 | -40 | -90 | -37 | -31 | 4 | -75 | |||||
Other movements (incl. TEFD dividend) | -1 | 0 | 1 | -4 | -2 | 0 | 4 | -17 | 0 | 0 | 20 | -17 | |||||
Net cash flow from operating activities | 395 | 390 | 444 | 360 | 2,003 | 2,004 | 2,037 | 1,980 | 2,124 | 2,142 | 2,209 | 2,026 | |||||
Capex | |||||||||||||||||
-268 | -260 | -246 | -320 | -1,095 | -1,100 | -1,050 | -1,120 | -1,106 | -1,100 | -1,091 | -1,150 | ||||||
Proceeds from real estate | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | |||||
Repayment of lease liabilities | -51 | -57 | -34 | -57 | -140 | -140 | -124 | -160 | -140 | -140 | -124 | -160 | |||||
FCF | 75 | 81 | 112 | 47 | 768 | 765 | 813 | 744 | 877 | 901 | 962 | 740 | |||||
Telefónica Deutschland dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
FCF (excl. TEFD dividend) | 75 | 81 | 112 | 47 | 768 | 765 | 813 | 744 | 877 | 901 | 962 | 740 | |||||
KPN Analyst Consensus Q1 2020.xlsx | Page 2 of 2 |
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Koninklijke KPN NV published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2020 00:07:03 UTC