Royal KPN N : KPN Q3 2021 Results (Consensus)

Consensus Q3 2021

Analyst forecasts for the period ending 30 September 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 Q3 2021 period and full fiscal years 2021-2023 is based on the non-weighted average of 18 analyst forecasts (vs. 20 in Q2 2021).

The analyst forecasts were submitted to KPN in the period of 15 September 2021 to 22 September 2021. The consensus was published at 24 September 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)	Q3 '20	FY '20			Q3 '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	713	2,863	714	0.1%	714	719	704		2,856	-0.3%	2,857	2,866	2,844		2,880	0.9%	2,882	2,926	2,846		2,903	0.8%	2,900	2,977	2,833
	Business	438	1,841	426	-2.8%	425	433	418		1,758	-4.5%	1,759	1,784	1,730		1,742	-0.9%	1,742	1,773	1,693		1,735	-0.4%	1,735	1,790	1,673
	Wholesale	161	624	167	3.8%	167	173	162		656	5.2%	656	667	643		670	2.1%	669	696	649		683	1.9%	682	715	642
	Network, Operations & IT	2	9	2	4.4%	2	3	1		10	14%	10	12	8		10	-1.6%	10	12	8		10	-0.7%	10	12	7
	Other (incl. eliminations)	(16)	(62)	(15)	-4.0%	(16)	(6)	(20)		(53)	-15%	(53)	(33)	(63)		(52)	-1.0%	(58)	4	(65)		(52)	0.1%	(58)	4	(65)
	Total adjusted revenues	1,299	5,275	1,293	-0.5%	1,293	1,306	1,282		5,227	-0.9%	5,226	5,265	5,186		5,249	0.4%	5,246	5,302	5,195		5,278	0.6%	5,280	5,385	5,192
	Adjusted EBITDA AL
	Total adjusted operating expenses after leases (excl. D&A)	700	2,955	686	-2.0%	685	710	677		2,876	-2.7%	2,875	2,901	2,853		2,829	-1.6%	2,821	2,890	2,794		2,788	-1.4%	2,783	2,895	2,735
	Adjusted EBITDA AL	598	2,320	606	1.4%	605	616	591		2,351	1.3%	2,349	2,363	2,344		2,415	2.8%	2,415	2,443	2,394		2,485	2.9%	2,474	2,543	2,452
	Other P&L items
	Operating profit	240	912	251	4.7%	251	276	208		1,794	97%	1,800	1,865	1,692		1,031	-43%	1,042	1,117	905		1,113	8.0%	1,141	1,206	959
	Profit for the period	132	561	149	13%	150	169	90		1,171	>100%	1,211	1,269	568		629	-46%	626	721	539		700	11%	702	788	620
	Earnings per share (non-diluted, in €)	0.03	0.13	0.04	20%	0.04	0.04	0.02		0.29	>100%	0.29	0.30	0.27		0.15	-47%	0.15	0.18	0.13		0.17	12%	0.18	0.20	0.15
	Dividend per share (in € cents) - Regular	-	13.0	0.0		0.0	0.0	0.0		13.6	4.5%	13.6	13.7	13.5		14.2	4.8%	14.3	14.4	14.1		14.9	4.8%	15.0	15.2	14.6
	Dividend per share (in € cents) - Additional	-	-	-		-	-	-		-		-	-	-		-		-	-	-		-		-	-	-
	Dividend per share (in € cents) - Total	-	13.0	0.0		0.0	0.0	0.0		13.6	4.6%	13.6	13.7	13.5		14.2	4.6%	14.3	14.4	14.0		14.9	4.7%	15.0	15.2	14.5
	Cash Flow generation
	Adjusted EBITDA AL	598	2,320	606	1.4%	605	616	591		2,351	1.3%	2,349	2,363	2,344		2,415	2.8%	2,415	2,443	2,394		2,485	2.9%	2,476	2,543	2,452
	Capex	(286)	(1,147)	(291)	1.7%	(290)	(269)	(300)		(1,202)	4.8%	(1,200)	(1,189)	(1,215)		(1,183)	-1.6%	(1,184)	(1,150)	(1,212)		(1,172)	-1.0%	(1,169)	(1,142)	(1,200)
	Operational Free Cash Flow	312	1,172	314	0.8%	314	338	291		1,148	-2.1%	1,149	1,163	1,128		1,232	7.3%	1,228	1,275	1,182		1,313	6.6%	1,310	1,373	1,254
	Free Cash Flow	241	765	225	-6.8%	222	260	191		772	1.0%	771	787	758		800	3.6%	795	840	760		904	13%	905	959	867

KPN Q3 2021 Analyst Consensus

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