KPN: UBS still on hold cuts TP

(CercleFinance.com) - UBS confirms its Neutral rating on the share of Dutch telecom operator KPN, while lowering its target price for it to E3.
08 (from E3.12) after the group's CMD.

"EBITDA/FCF guidance is achievable but rising competition could impact top-line growth", UBS says. The analyst has reduced his FCF forecast by 2%.

KPN is targeting service revenue growth of around 3%, EBITDA growth of almost 3% and around 7% FCF growth through to 2027.

Capex remains around E1.2bn p.a. until 2026, although will fall below E1.0bn from 2027 onwards, thanks to the completion of the fiber-optic project, the group said.


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