2024-04-06 04:05:59 ET
Summary
- Notwithstanding the relatively static total return since I opened on it last year, Dutch incumbent KPN nonetheless remains one of the best telecoms businesses in Europe.
- EBITDA margins have stabilized as expected, while it is gaining broadband share amid its ongoing fiber rollout.
- Fresh capital returns plans revealed during last year's Capital Markets Day look attractive, with investors ultimately looking at high single-digit annual dividend growth on top of a 5% base yield.
Shares of Dutch incumbent telecoms provider KPN ( KKPNY )( KKPNF ) have been fairly muted since I first covered the company last summer, with a roughly flat total return landing them in the middle of the pack compared to major European peers....
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Koninklijke KPN: Executing Well With Attractive Capital Returns Plans (Rating Upgrade)