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    KPN   NL0000009082

ROYAL KPN N.V.

(KPN)
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Royal KPN N : KPN shares fall on fibre optic deal; takeover hopes fade

03/23/2021 | 04:10am EDT
FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam

AMSTERDAM (Reuters) - KPN NV and leading pension fund ABP have formed a joint venture to speed up the rollout of fibre optic to homes and businesses, the Dutch telecoms firm said on Tuesday, with ABP providing 440 million euros in equity funding.

KPN shares were down 3.7% to 2.80 euros by 0815 GMT as investors saw the deal reducing the chances of a lucrative takeover of KPN.

ABP will own 50% of the JV with KPN holding an option to buy one additional share and gain control of the project.

The JV will aim to add 910,000 business and home fibre optic connections by 2026, mostly in "underserved" areas, KPN said.

KPN's own plans call for adding 2.5 million households in the same period. Last year it surpassed a third of the 8 million households in the Netherlands.

In October and November 2020, with KPN's share languishing around 2.20 euros, KPN dismissed rumours it was in talks about a possible takeover by Sweden's' EQT, which also owns some fibre optic networks in Belgium and southern Netherlands.

Since then, minority shareholder America Movil held by Mexican tycoon Carlos Slim -- whose 2013 attempt to buy KPN foundered on poison pill defences -- has increased his stake in KPN to 20%, making it less likely any takeover at a decreased price would succeed.

A Dutch law declaring telecommunications networks as vital infrastructure also went into effect in October, giving The Hague a veto over any foreign purchase of KPN.

(Reporting by Toby Sterling; editing by Jason Neely)


ę Reuters 2021
Stocks mentioned in the article
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AMÉRICA MÓVIL, S.A.B. DE C.V. 1.02% 15.8 End-of-day quote.9.04%
ROYAL KPN N.V. -1.51% 2.613 Real-time Quote.6.63%
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Financials
Sales 2021 5 224 M 6 210 M 6 210 M
Net income 2021 541 M 644 M 644 M
Net Debt 2021 5 693 M 6 767 M 6 767 M
P/E ratio 2021 20,3x
Yield 2021 5,22%
Capitalization 11 131 M 13 262 M 13 233 M
EV / Sales 2021 3,22x
EV / Sales 2022 3,16x
Nbr of Employees 9 237
Free-Float 79,8%
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Technical analysis trends ROYAL KPN N.V.
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3,12 €
Last Close Price 2,65 €
Spread / Highest target 50,8%
Spread / Average Target 17,6%
Spread / Lowest Target -13,3%
EPS Revisions
Managers and Directors
NameTitle
Joost F. E. Farwerck Chairman-Management Board, CEO & COO
Chris H. Figee Chief Financial Officer
Duco W. Sickinghe Chairman-Supervisory Board
Babak Fouladi Chief Technology & Digital Officer
Derk Johan Haank Vice Chairman-Supervisory Board
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