Royal KPN N : KPN Q1 2021 Results (Consensus)

Consensus Q1 '21

Analyst forecasts for the period ending 31 March 2021

Please note that this analyst consensus is subject to the disclaimer below:

The analyst consensus is based on forecasts provided by various leading equity analysts covering the KPN share.

The analyst consensus for the Q1 2021 period and full fiscal years 2021-2023 is based on the non-weighted average of 17 analyst forecasts (vs. 18 in Q4 2020).

The analyst forecasts were submitted to KPN in the period of 14 March 2021 to 30 March 2021. The consensus was published at 31 March 2021 at 17:45 CEST.

The analyst consensus does not in any way represent KPN's financial expectations nor can this be considered to be a forward looking statement by KPN. The analyst consensus is provided for information purposes only, for the convenience of our investors. KPN is not responsible and cannot be held liable in any way for the accuracy, completeness or validity of the analyst consensus, nor for the figures, calculations or assumptions that have led thereto.

		Consolidated figures (from continuing operations, in € m)	Q1 '20	FY '20			Q1 '21						FY '21						FY '22						FY '23
			Actuals	Actuals	Average	% y-on-y	Median	High	Low		Average	% y-on-y	Median	High	Low		Average	% y-on-y	Median	High	Low		Average	% y-on-y	Median	High	Low
		Adjusted revenues
		Consumer	712	2,863	707	-0.7%	707	715	691		2,857	-0.2%	2,859	2,892	2,823		2,869	0.4%	2,870	2,940	2,798		2,889	0.7%	2,893	2,997	2,785
		Business	478	1,841	440	-8.0%	439	451	423		1,772	-3.8%	1,775	1,803	1,740		1,751	-1.2%	1,751	1,787	1,702		1,745	-0.3%	1,749	1,793	1,680
		Wholesale	153	624	156	2.2%	157	161	147		638	2.3%	636	654	625		655	2.6%	653	679	634		667	1.9%	665	700	643
		Network, Operations & IT	1	9	1	43%	1	3	1		8	-8.4%	9	10	5		8	-0.6%	9	10	5		8	0.1%	9	10	5
		Other (incl. eliminations)	(15)	(62)	-16	3.6%	-15	-14	-20		-64	3.7%	-63	-60	-80		-64	0.0%	-63	-60	-80		-64	0.1%	-63	-60	-80
		Total adjusted revenues	1,329	5,275	1,289	-3.0%	1,295	1,306	1,257		5,211	-1.2%	5,207	5,251	5,163		5,219	0.1%	5,204	5,310	5,184		5,246	0.5%	5,229	5,401	5,193
		Adjusted EBITDA after leases
		Total adjusted operating expenses after leases (excl. D&A)	754	2,955	720	-4.5%	722	746	689		2,846	-3.7%	2,852	2,905	2,749		2,796	-1.7%	2,796	2,865	2,720		2,760	-1.3%	2,749	2,872	2,708
		Adjusted EBITDA after leases	575	2,320	565	-1.7%	568	575	552		2,351	1.3%	2,351	2,376	2,339		2,411	2.6%	2,408	2,445	2,386		2,481	2.9%	2,480	2,538	2,429
		Other P&L items
		Operating profit	216	912	208	-3.9%	212	247	164		901	-1.2%	915	1,024	750		997	11%	1,000	1,143	834		1,099	10%	1,087	1,332	925
		Profit for the period	120	561	114	-5.2%	115	145	62		542	-3.4%	545	607	459		624	15%	624	740	548		706	13%	703	881	588
		Earnings per share (non-diluted, in €)	0.03	0.13	0.03	-6.6%	0.03	0.03	0.01		0.13	0.2%	0.13	0.14	0.11		0.15	16%	0.15	0.18	0.13		0.17	14%	0.17	0.21	0.14
		Dividend per share (in € cents) - Regular	-	13.0	0.0		0.0	0.0	0.0		13.5	3.7%	13.6	13.7	12.1		14.1	4.8%	14.1	14.3	13.7		14.8	4.9%	14.8	15.3	14.5
		Dividend per share (in € cents) - Additional	-	-	0.0		0.0	0.0	0.0		0.0		0.0	0.0	0.0		0.0		0.0	0.0	0.0		0.0		0.0	0.0	0.0
		Dividend per share (in € cents) - Total	-	13.0	0.0		0.0	0.0	0.0		13.5	3.7%	13.6	13.7	13.1		14.1	4.8%	14.1	14.3	13.8		14.8	4.9%	14.7	15.0	14.5
		Cash flow generation
		Adjusted EBITDA after leases	575	2,320	565	-1.7%	568	575	552		2,351	1.3%	2,351	2,376	2,339		2,411	2.6%	2,408	2,445	2,386		2,481	2.9%	2,480	2,538	2,429
		Capex	(278)	(1,147)	-293	5.4%	-295	-275	-303		-1,201	4.7%	-1,200	-1,187	-1,226		-1,179	-1.8%	-1,180	-1,150	-1,210		-1,168	-0.9%	-1,169	-1,141	-1,210
		Operational free cash flow	297	1,172	273	-8.1%	269	294	254		1,150	-1.9%	1,150	1,164	1,135		1,232	7.2%	1,237	1,266	1,186		1,313	6.6%	1,319	1,360	1,229
		Free Cash Flow	80	765	100	26%	107	120	74		766	0.1%	766	791	748		801	4.6%	802	839	761		898	12%	896	958	839

Analyst consensus Q1 2021.xlsx

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