KKPNY - Koninklijke KPN: A 5% Dividend Yield With A 3%-5% Annual Growth Promise

• KPN's net income decreased but this was due to a higher depreciation expense while the capex didn't change much.
• The free cash flow actually increased, making the dividend hike to 13 cents and promised increase to 13.6 cents this year credible.
• For 2023, the implied guidance calls for a series of additional dividend hikes, while the payout ratio decreases.
• The 2021-2023 outlook is reasonable and credible, making KPN an interesting option for dividend and dividend growth investors.

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