Royal KPN N : KPN Q2 2020 Results (Consensus)

Consensus Q2 '20

Analyst forecasts for the period ending 30 Jun 2020

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 Q2 2020 period and full fiscal years 2020-2021 is based on the non-weighted average of 20 analyst forecasts (vs. 15 in Q1 2020).

The analyst forecasts were submitted to KPN in the period of 13 Jun 2020 to 23 Jun 2020. The consensus was published at 26 Jun 2020 at 17:45 CET.

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			Q2 '20				FY '20				FY '21
				Average	Median	High	Low	Average	Median	High	Low	Average	Median	High	Low
		Adjusted revenues
		Consumer
			694	695	723	671	2,839	2,844	2,910	2,770	2,834	2,845	2,918	2,768
		Business		464	462	492	439	1,900	1,904	1,966	1,809	1,853	1,854	1,924	1,748
		Wholesale		150	152	158	123	609	610	627	573	620	619	653	595
		Network, Operations & IT		1	1	4	1	7	6	13	4	7	6	13	4
		Other (incl. eliminations)		-20	-18	-14	-31	-76	-68	-58	-105	-76	-71	-58	-105
		Total adjusted revenues		1,290	1,288	1,319	1,251	5,279	5,278	5,358	5,201	5,238	5,223	5,350	5,155
		Service revenues		1,208	1,209	1,225	1,191	4,897	4,898	4,935	4,863	4,853	4,857	4,923	4,799
		Non-service revenues & other		82	79	95	73	365	376	380	335	372	380	391	352
		Revenues incidentals		0	0	0	0	0	0	0	0	0	0	0	0
		Total reported revenues		1,290	1,288	1,319	1,251	5,279	5,279	5,358	5,201	5,238	5,223	5,350	5,155
		Operating expenses excl. D&A
		Cost of goods & services
			299	300	317	275	1,256	1,271	1,342	1,033	1,252	1,266	1,357	1,018
		Personnel expenses		231	227	257	217	935	930	993	898	901	891	992	846
		IT/TI		81	79	92	74	318	318	364	291	295	298	358	254
		Other operating expenses		121	95	424	68	498	382	1,712	312	458	378	1,572	169
		Total operating expenses excl. D&A		696	697	747	662	2,901	2,897	2,979	2,832	2,808	2,805	2,919	2,666
		Opex incidentals		0	0	0	0	0	0	0	0	0	0	0	0
		Opex restructuring		-22	-24	-10	-30	-84	-80	-50	-120	-84	-86	-50	-105
		Total adjusted operating expenses		677	677	732	634	2,825	2,831	2,992	2,740	2,731	2,717	2,877	2,586
		Adjusted EBITDA
		EBITDA		595	598	611	568	2,378	2,377	2,418	2,337	2,431	2,424	2,502	2,356
		Incidentals		0	0	0	0	0	0	0	0	0	0	0	0
		Restructuring		22	22	30	10	84	80	120	50	84	86	105	50
		Lease-related expenses
		Depreciation right-of-use asset
			-34	-34	-30	-36	-134	-135	-122	-145	-134	-135	-122	-145
		Interest lease liabilities		-7	-7	-6	-8	-27	-27	-24	-32	-27	-28	-22	-33
		Adjusted EBITDA after leases		576	579	596	538	2,301	2,300	2,337	2,269	2,353	2,348	2,423	2,295
		P&L items cont'd
		Depreciation
			241	241	254	222	974	981	1,028	900	953	960	1,024	840
		Amortization		133	135	137	123	534	538	551	507	532	537	548	503
		Total D&A		374	375	388	357	1,510	1,509	1,566	1,440	1,488	1,486	1,560	1,380
		Operating profit
			218	220	249	185	872	880	947	807	950	944	1,045	854
		Profit for the period
			126	122	158	88	481	495	570	407	570	571	658	466
		Earnings per share (non-diluted) from continuing operations (in €)
			0.03	0.03	0.04	0.02	0.12	0.12	0.14	0.10	0.14	0.14	0.17	0.11
		Dividend per share (in € cents) - Regular		4.3	4.3	4.5	4.2	13.1	13.0	13.8	12.5	13.9	13.8	15.1	12.5
		Dividend per share (in € cents) - Additional		0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.0	0.0	0.6	0.0
		Dividend per share (in € cents) - Total		4.3	4.3	4.5	4.2	13.1	13.0	14.3	12.5	13.9	13.8	15.7	12.5
		Cash flow generation
		Adjusted EBITDA after leases		576	579	596	538	2,301	2,300	2,337	2,269	2,353	2,348	2,423	2,295
		Capex		-269	-267	-250	-320	-1,099	-1,100	-1,079	-1,118	-1,104	-1,100	-1,077	-1,130
		Operational free cash flow		307	308	336	263	1,202	1,205	1,252	1,169	1,250	1,245	1,316	1,195
		as % of Adjusted revenues		23.8%	23.9%	26.4%	20.2%	22.8%	22.7%	23.7%	22.0%	23.9%	23.7%	25.5%	23.0%
		Cash restructuring		-22	-22	-10	-36	-90	-88	-50	-127	-85	-86	-50	-133
		Non-cash incidentals		0	0	0	0	0	0	0	0	0	0	0	0
		Change in provisions excl. restructuring		-3	0	2	-15	-17	-15	26	-45	-5	0	60	-35
		Interest received/(paid) excl. lease interest		-37	-33	-23	-69	-246	-240	-206	-281	-222	-221	-189	-250
		Taxes received/(paid)		-8	-6	0	-30	-18	-20	-6	-28	-26	-25	-8	-100
		Change in working capital		-70	-60	1	-122	-69	-77	-20	-96	-37	-37	8	-75
		Other income		0	0	1	-7	1	0	18	-2	1	0	6	0
		Other movements		1	0	10	-11	-6	-5	28	-64	-4	0	27	-98
		Free cash flow (excl. TEFD dividend)		167	162	211	99	755	755	784	727	870	878	945	788
		as % of Adjusted revenues		13.0%	12.7%	16.4%	7.7%	14.3%	14.3%	14.9%	13.8%	16.6%	16.8%	18.3%	15.2%

KPN Analyst Consensus Q2 2020

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