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KONINKLIJKE KPN NV (KPN.AS) Stock Fundamental Analysis

AMS:KPN - Euronext Amsterdam - NL0000009082 - Common Stock - Currency: EUR

3.48  +0.01 (+0.23%)

Fundamental Rating

5

KPN gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 31 industry peers in the Diversified Telecommunication Services industry. KPN has an excellent profitability rating, but there are concerns on its financial health. KPN has a valuation in line with the averages, but on the other hand it scores bad on growth. Finally KPN also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year KPN was profitable.
KPN had a positive operating cash flow in the past year.
KPN had positive earnings in 4 of the past 5 years.
KPN had a positive operating cash flow in 4 of the past 5 years.
KPN.AS Yearly Net Income VS EBIT VS OCF VS FCFKPN.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B

1.2 Ratios

KPN has a better Return On Assets (6.28%) than 92.86% of its industry peers.
KPN has a Return On Equity of 22.14%. This is amongst the best in the industry. KPN outperforms 92.86% of its industry peers.
The Return On Invested Capital of KPN (10.34%) is better than 92.86% of its industry peers.
The Average Return On Invested Capital over the past 3 years for KPN is in line with the industry average of 7.24%.
The last Return On Invested Capital (10.34%) for KPN is above the 3 year average (9.06%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 6.28%
ROE 22.14%
ROIC 10.34%
ROA(3y)7.6%
ROA(5y)6.49%
ROE(3y)27.51%
ROE(5y)25.69%
ROIC(3y)9.06%
ROIC(5y)8.46%
KPN.AS Yearly ROA, ROE, ROICKPN.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

1.3 Margins

KPN has a better Profit Margin (14.78%) than 85.71% of its industry peers.
KPN's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 24.98%, KPN belongs to the top of the industry, outperforming 92.86% of the companies in the same industry.
KPN's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 78.46%, KPN belongs to the top of the industry, outperforming 82.14% of the companies in the same industry.
In the last couple of years the Gross Margin of KPN has remained more or less at the same level.
Industry RankSector Rank
OM 24.98%
PM (TTM) 14.78%
GM 78.46%
OM growth 3Y11.6%
OM growth 5Y8.43%
PM growth 3Y12.26%
PM growth 5Y30.05%
GM growth 3Y1.22%
GM growth 5Y0.54%
KPN.AS Yearly Profit, Operating, Gross MarginsKPN.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60

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2

2. Health

2.1 Basic Checks

KPN has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
There is no outstanding debt for KPN. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
KPN.AS Yearly Shares OutstandingKPN.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B
KPN.AS Yearly Total Debt VS Total AssetsKPN.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B

2.2 Solvency

KPN has an Altman-Z score of 0.99. This is a bad value and indicates that KPN is not financially healthy and even has some risk of bankruptcy.
KPN has a worse Altman-Z score (0.99) than 71.43% of its industry peers.
The Debt to FCF ratio of KPN is 7.27, which is on the high side as it means it would take KPN, 7.27 years of fcf income to pay off all of its debts.
KPN's Debt to FCF ratio of 7.27 is fine compared to the rest of the industry. KPN outperforms 64.29% of its industry peers.
A Debt/Equity ratio of 1.67 is on the high side and indicates that KPN has dependencies on debt financing.
KPN's Debt to Equity ratio of 1.67 is on the low side compared to the rest of the industry. KPN is outperformed by 75.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.67
Debt/FCF 7.27
Altman-Z 0.99
ROIC/WACC1.85
WACC5.59%
KPN.AS Yearly LT Debt VS Equity VS FCFKPN.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.3 Liquidity

KPN has a Current Ratio of 0.70. This is a bad value and indicates that KPN is not financially healthy enough and could expect problems in meeting its short term obligations.
KPN has a worse Current ratio (0.70) than 64.29% of its industry peers.
A Quick Ratio of 0.68 indicates that KPN may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.68, KPN is in line with its industry, outperforming 42.86% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.7
Quick Ratio 0.68
KPN.AS Yearly Current Assets VS Current LiabilitesKPN.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B

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3

3. Growth

3.1 Past

KPN shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.32%.
The earnings per share for KPN have been decreasing by -10.47% on average. This is quite bad
EPS 1Y (TTM)7.32%
EPS 3Y-10.47%
EPS 5YN/A
EPS Q2Q%20%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%0.77%

3.2 Future

KPN is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.20% yearly.
KPN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.36% yearly.
EPS Next Y16.12%
EPS Next 2Y11.27%
EPS Next 3Y10.6%
EPS Next 5Y10.2%
Revenue Next Year2.65%
Revenue Next 2Y2.45%
Revenue Next 3Y1.8%
Revenue Next 5Y2.36%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
KPN.AS Yearly Revenue VS EstimatesKPN.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B 8B
KPN.AS Yearly EPS VS EstimatesKPN.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0.1 0.2 0.3

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5

4. Valuation

4.1 Price/Earnings Ratio

KPN is valuated correctly with a Price/Earnings ratio of 15.82.
KPN's Price/Earnings ratio is in line with the industry average.
When comparing the Price/Earnings ratio of KPN to the average of the S&P500 Index (28.47), we can say KPN is valued slightly cheaper.
A Price/Forward Earnings ratio of 14.40 indicates a correct valuation of KPN.
The rest of the industry has a similar Price/Forward Earnings ratio as KPN.
Compared to an average S&P500 Price/Forward Earnings ratio of 92.74, KPN is valued rather cheaply.
Industry RankSector Rank
PE 15.82
Fwd PE 14.4
KPN.AS Price Earnings VS Forward Price EarningsKPN.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, KPN is valued a bit more expensive than the industry average as 60.71% of the companies are valued more cheaply.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of KPN is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 13.57
EV/EBITDA 7.49
KPN.AS Per share dataKPN.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0.2 0.4 0.6 0.8 1

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of KPN may justify a higher PE ratio.
PEG (NY)0.98
PEG (5Y)N/A
EPS Next 2Y11.27%
EPS Next 3Y10.6%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.78%, KPN is a good candidate for dividend investing.
KPN's Dividend Yield is a higher than the industry average which is at 5.48.
Compared to an average S&P500 Dividend Yield of 2.28, KPN pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.78%

5.2 History

The dividend of KPN has a limited annual growth rate of 3.14%.
Dividend Growth(5Y)3.14%
Div Incr Years6
Div Non Decr Years6
KPN.AS Yearly Dividends per shareKPN.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15

5.3 Sustainability

73.01% of the earnings are spent on dividend by KPN. This is not a sustainable payout ratio.
The dividend of KPN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP73.01%
EPS Next 2Y11.27%
EPS Next 3Y10.6%
KPN.AS Yearly Income VS Free CF VS DividendKPN.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B
KPN.AS Dividend Payout.KPN.AS Dividend Payout, showing the Payout Ratio.KPN.AS Dividend Payout.PayoutRetained Earnings

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KONINKLIJKE KPN NV

AMS:KPN (2/5/2025, 10:30:36 AM)

3.48

+0.01 (+0.23%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Earnings (Last)01-30 2025-01-30/bmo
Earnings (Next)N/A N/A
Inst Owners64.73%
Inst Owner ChangeN/A
Ins Owners0.12%
Ins Owner ChangeN/A
Market Cap13.53B
Analysts73.08
Price Target4.09 (17.53%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.78%
Yearly Dividend0.15
Dividend Growth(5Y)3.14%
DP73.01%
Div Incr Years6
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.58%
Min EPS beat(2)-21.84%
Max EPS beat(2)10.69%
EPS beat(4)3
Avg EPS beat(4)1.43%
Min EPS beat(4)-21.84%
Max EPS beat(4)12.28%
EPS beat(8)7
Avg EPS beat(8)10.15%
EPS beat(12)11
Avg EPS beat(12)15.43%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-0.5%
Min Revenue beat(2)-1.01%
Max Revenue beat(2)0%
Revenue beat(4)1
Avg Revenue beat(4)-0.15%
Min Revenue beat(4)-1.01%
Max Revenue beat(4)1.34%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)1.49%
PT rev (3m)3.28%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)1.48%
EPS NY rev (3m)1.48%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.18%
Revenue NY rev (3m)0.18%
Valuation
Industry RankSector Rank
PE 15.82
Fwd PE 14.4
P/S 2.49
P/FCF 13.57
P/OCF 5.93
P/B 3.73
P/tB 20.73
EV/EBITDA 7.49
EPS(TTM)0.22
EY6.32%
EPS(NY)0.24
Fwd EY6.94%
FCF(TTM)0.26
FCFY7.37%
OCF(TTM)0.59
OCFY16.88%
SpS1.4
BVpS0.93
TBVpS0.17
PEG (NY)0.98
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 6.28%
ROE 22.14%
ROCE 13.46%
ROIC 10.34%
ROICexc 11.66%
ROICexgc 17.42%
OM 24.98%
PM (TTM) 14.78%
GM 78.46%
FCFM 18.33%
ROA(3y)7.6%
ROA(5y)6.49%
ROE(3y)27.51%
ROE(5y)25.69%
ROIC(3y)9.06%
ROIC(5y)8.46%
ROICexc(3y)9.83%
ROICexc(5y)9.25%
ROICexgc(3y)14.1%
ROICexgc(5y)13.64%
ROCE(3y)11.77%
ROCE(5y)10.97%
ROICexcg growth 3Y7.61%
ROICexcg growth 5Y6.58%
ROICexc growth 3Y10.98%
ROICexc growth 5Y7.73%
OM growth 3Y11.6%
OM growth 5Y8.43%
PM growth 3Y12.26%
PM growth 5Y30.05%
GM growth 3Y1.22%
GM growth 5Y0.54%
F-Score7
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 1.67
Debt/FCF 7.27
Debt/EBITDA 2.37
Cap/Depr 106.54%
Cap/Sales 23.66%
Interest Coverage 6.26
Cash Conversion 88.98%
Profit Quality 124.01%
Current Ratio 0.7
Quick Ratio 0.68
Altman-Z 0.99
F-Score7
WACC5.59%
ROIC/WACC1.85
Cap/Depr(3y)92.24%
Cap/Depr(5y)90%
Cap/Sales(3y)22.96%
Cap/Sales(5y)23.77%
Profit Quality(3y)108.84%
Profit Quality(5y)111.28%
High Growth Momentum
Growth
EPS 1Y (TTM)7.32%
EPS 3Y-10.47%
EPS 5YN/A
EPS Q2Q%20%
EPS Next Y16.12%
EPS Next 2Y11.27%
EPS Next 3Y10.6%
EPS Next 5Y10.2%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%0.77%
Revenue Next Year2.65%
Revenue Next 2Y2.45%
Revenue Next 3Y1.8%
Revenue Next 5Y2.36%
EBIT growth 1Y10.13%
EBIT growth 3Y12.76%
EBIT growth 5Y7.65%
EBIT Next Year106.97%
EBIT Next 3Y29.98%
EBIT Next 5Y17.03%
FCF growth 1Y-1.19%
FCF growth 3Y27.55%
FCF growth 5Y-0.18%
OCF growth 1Y5.89%
OCF growth 3Y3.15%
OCF growth 5Y1.23%