Financials Koninklijke KPN N.V. Mexican S.E.

Equities

KPN N

NL0000009082

Integrated Telecommunications Services

End-of-day quote Mexican S.E. Other stock markets 18:00:00 2023-01-28 EST			5-day change	1st Jan Change
61.56 ^MXN	-.--%		-.--%	-.--%

06-21	AlphaValue/Baader Europe Downgrades Koninklijke KPN to Reduce from Add, Trims PT	MT
06-19	Dutch Telco KPN Accepts for Purchase EUR281 Million of Securities	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,038	10,435	11,257	11,459	12,442	13,949	-	-
Enterprise Value (EV) ¹	16,186	15,767	17,831	16,894	18,024	20,245	20,188	20,306
P/E ratio	17.5 x	19.1 x	8.81 x	16.1 x	15.6 x	16.4 x	14.7 x	13.6 x
Yield	4.75%	5.23%	4.98%	4.95%	4.81%	4.79%	5.07%	5.44%
Capitalization / Revenue	2.01 x	1.98 x	2.14 x	2.15 x	2.28 x	2.49 x	2.43 x	2.38 x
EV / Revenue	2.95 x	2.99 x	3.39 x	3.17 x	3.31 x	3.61 x	3.52 x	3.46 x
EV / EBITDA	6.99 x	6.8 x	7.6 x	7.03 x	7.45 x	7.72 x	7.46 x	7.29 x
EV / FCF	22.3 x	20.6 x	22.7 x	19.6 x	20.3 x	20.9 x	20.1 x	19.4 x
FCF Yield	4.49%	4.85%	4.4%	5.1%	4.92%	4.78%	4.97%	5.14%
Price to Book	4.4 x	3.98 x	3.55 x	3.19 x	3.45 x	3.81 x	3.68 x	3.57 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	3.549	3.549	3.549
Announcement Date	20-01-29	21-01-27	22-02-21	23-01-31	24-01-31	-	-	-

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	5,602	5,733	5,868
EBITDA ¹	2,317	2,320	2,347	2,404	2,420	2,624	2,707	2,786
EBIT ¹	1,041	912	1,862	1,214	1,342	1,378	1,456	1,547
Operating Margin	18.98%	17.29%	35.43%	22.79%	24.63%	24.6%	25.39%	26.37%
Earnings before Tax (EBT) ¹	663	649	1,627	993	1,088	1,114	1,216	1,309
Net income ¹	614	561	1,288	760	844	854.5	927.3	997.4
Net margin	11.19%	10.64%	24.51%	14.27%	15.49%	15.25%	16.17%	17%
EPS ²	0.1500	0.1300	0.3100	0.1800	0.2000	0.2167	0.2407	0.2604
Free Cash Flow ¹	726	765	784	862	886	967.1	1,003	1,045
FCF margin	13.23%	14.5%	14.92%	16.18%	16.26%	17.26%	17.49%	17.8%
FCF Conversion (EBITDA)	31.33%	32.97%	33.4%	35.86%	36.61%	36.86%	37.03%	37.49%
FCF Conversion (Net income)	118.24%	136.36%	60.87%	113.42%	104.98%	113.18%	108.11%	104.72%
Dividend per Share ²	0.1250	0.1300	0.1360	0.1430	0.1500	0.1700	0.1801	0.1929
Announcement Date	20-01-29	21-01-27	22-02-21	23-01-31	24-01-31	-	-	-

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	1,378	1,405	1,449	-
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%	25.13%	25.95%	23.65%	-
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%	15.52%	15.4%	15.16%	-
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	20-01-29	20-07-27	21-01-27	21-07-27	21-10-26	22-02-21	22-04-29	22-07-26	22-10-26	23-01-31	23-04-26	23-07-24	23-10-25	24-01-31	24-04-15	-	-	-	-

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	6,296	6,239	6,357
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.222 x	2.298 x	2.801 x	2.261 x	2.307 x	2.4 x	2.305 x	2.282 x
Free Cash Flow ¹	726	765	784	862	886	967	1,003	1,045
ROE (net income / shareholders' equity)	28%	21.9%	21.4%	22.1%	23.4%	24.1%	25.9%	27%
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	12,506	13,937	13,889
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	0.5600	0.5800	0.5900
Capex ¹	1,115	1,147	1,216	1,206	1,248	1,207	1,201	1,196
Capex / Sales	20.32%	21.74%	23.14%	22.64%	22.91%	21.55%	20.94%	20.38%
Announcement Date	20-01-29	21-01-27	22-02-21	23-01-31	24-01-31	-	-	-

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

3.549 EUR

Average target price

3.701 EUR

Spread / Average Target

+4.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+15.74%	209B
VERIZON COMMUNICATIONS	+8.81%	173B
DEUTSCHE TELEKOM AG	+7.63%	123B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-12.19%	79.17B
CHINA TELECOM CORPORATION LIMITED	+24.33%	70.53B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-1.59%	52.59B
SAUDI TELECOM COMPANY	-7.18%	49.29B
CHARTER COMMUNICATIONS, INC.	-24.98%	42B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.84%	37.55B

Other Integrated Telecommunications Services