Analyst Note| Javier Correonero |
No surprises in KPN’s second-quarter results, which saw flat revenue growth and stable EBITDA margins (45.3%) compared to one year ago. Revenue came in at EUR 1.3 billion while EBITDA (after leases) was EUR 589 million. Management reiterated its guidance for full-year 2021, which we see as achievable as it has covered 49% of its EBITDA target during the first half of the year. We are maintaining our fair value estimate.