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Koninklijke KPN

DB:KPN
Snowflake Description

Solid track record and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KPN
DB
€9B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

Koninklijke KPN N.V. provides telecommunications and information technology (IT) services in the Netherlands. The last earnings update was 32 days ago. More info.


Add to Portfolio Compare Print
  • Koninklijke KPN has significant price volatility in the past 3 months.
KPN Share Price and Events
7 Day Returns
-4.5%
DB:KPN
3.7%
DE Telecom
14.8%
DE Market
1 Year Returns
-23.1%
DB:KPN
-22.7%
DE Telecom
-14.1%
DE Market
KPN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Koninklijke KPN (KPN) -4.5% -12.3% -19.6% -23.1% -24.7% -36.3%
DE Telecom 3.7% -22.8% -18.2% -22.7% -31.2% -35.3%
DE Market 14.8% -20% -23.5% -14.1% -22.8% -26.7%
1 Year Return vs Industry and Market
  • KPN matched the Telecom industry (-22.7%) over the past year.
  • KPN underperformed the Market in Germany which returned -14.1% over the past year.
Price Volatility
KPN
Industry
5yr Volatility vs Market

Value

 Is Koninklijke KPN undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Koninklijke KPN to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Koninklijke KPN.

DB:KPN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:KPN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.36
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.359 (1 + (1- 25%) (87.42%))
0.728
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

Discounted Cash Flow Calculation for DB:KPN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Koninklijke KPN is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:KPN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 3.96%)
2020 855.12 Analyst x10 822.53
2021 905.40 Analyst x7 837.70
2022 929.40 Analyst x5 827.14
2023 972.00 Analyst x3 832.09
2024 981.50 Analyst x2 808.20
2025 986.49 Est @ 0.51% 781.35
2026 988.84 Est @ 0.24% 753.36
2027 989.33 Est @ 0.05% 725.01
2028 988.52 Est @ -0.08% 696.81
2029 986.80 Est @ -0.17% 669.09
Present value of next 10 years cash flows €7,753.00
DB:KPN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €986.80 × (1 + -0.39%) ÷ (3.96% – -0.39%)
€22,586.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €22,586.20 ÷ (1 + 3.96%)10
€15,314.29
DB:KPN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €7,753.00 + €15,314.29
€23,067.29
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €23,067.29 / 4,195.91
€5.5
DB:KPN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:KPN represents 1.00617x of ENXTAM:KPN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00617x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 5.50 x 1.00617
€5.53
Value per share (EUR) From above. €5.53
Current discount Discount to share price of €2.12
= -1 x (€2.12 - €5.53) / €5.53
61.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Koninklijke KPN is available for.
Intrinsic value
>50%
Share price is €2.12 vs Future cash flow value of €5.53
Current Discount Checks
For Koninklijke KPN to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Koninklijke KPN's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Koninklijke KPN's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Koninklijke KPN's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Koninklijke KPN's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:KPN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.15
ENXTAM:KPN Share Price ** ENXTAM (2020-03-27) in EUR €2.11
Europe Telecom Industry PE Ratio Median Figure of 61 Publicly-Listed Telecom Companies 17.13x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.62x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Koninklijke KPN.

DB:KPN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:KPN Share Price ÷ EPS (both in EUR)

= 2.11 ÷ 0.15

14.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke KPN is good value based on earnings compared to the Europe Telecom industry average.
  • Koninklijke KPN is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Koninklijke KPN's expected growth come at a high price?
Raw Data
DB:KPN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
2.1%per year
Europe Telecom Industry PEG Ratio Median Figure of 33 Publicly-Listed Telecom Companies 1.35x
Germany Market PEG Ratio Median Figure of 251 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:KPN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.42x ÷ 2.1%

6.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke KPN is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Koninklijke KPN's assets?
Raw Data
DB:KPN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €0.60
ENXTAM:KPN Share Price * ENXTAM (2020-03-27) in EUR €2.11
Germany Telecom Industry PB Ratio Median Figure of 7 Publicly-Listed Telecom Companies 1.12x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.43x
DB:KPN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:KPN Share Price ÷ Book Value per Share (both in EUR)

= 2.11 ÷ 0.60

3.53x

* Primary Listing of Koninklijke KPN.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke KPN is overvalued based on assets compared to the DE Telecom industry average.
X
Value checks
We assess Koninklijke KPN's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. Koninklijke KPN has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Koninklijke KPN expected to perform in the next 1 to 3 years based on estimates from 17 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Koninklijke KPN expected to grow at an attractive rate?
  • Koninklijke KPN's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Koninklijke KPN's earnings growth is positive but not above the Germany market average.
  • Koninklijke KPN's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:KPN Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:KPN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 2.1%
DB:KPN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts -1%
Germany Telecom Industry Earnings Growth Rate Market Cap Weighted Average 19.2%
Germany Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:KPN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:KPN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 5,387 2,286 1
2023-12-31 5,254 2,221 596 2
2022-12-31 5,302 2,213 643 10
2021-12-31 5,349 2,063 572 17
2020-12-31 5,367 2,028 482 16
2020-03-27
DB:KPN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 5,500 2,006 613
2019-09-30 5,542 322
2019-06-30 5,556 1,863 207
2019-03-31 5,598 2,044 240
2018-12-31 5,633 2,108 233
2018-09-30 6,410 426
2018-06-30 5,668 2,082 348
2018-03-31 5,496 350
2017-12-31 5,742 1,950 339
2017-09-30 6,607 472
2017-06-30 6,319 1,911 344
2017-03-31 6,765 356

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Koninklijke KPN's earnings are expected to grow by 2.1% yearly, however this is not considered high growth (20% yearly).
  • Koninklijke KPN's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:KPN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

All data from Koninklijke KPN Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KPN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 0.14 0.16 0.12 2.00
2022-12-31 0.15 0.18 0.11 10.00
2021-12-31 0.14 0.16 0.09 13.00
2020-12-31 0.12 0.15 0.08 13.00
2020-03-27
DB:KPN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.15
2019-09-30 0.08
2019-06-30 0.05
2019-03-31 0.06
2018-12-31 0.06
2018-09-30
2018-06-30 0.08
2018-03-31 0.09
2017-12-31 0.08
2017-09-30
2017-06-30 0.08
2017-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Koninklijke KPN is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Koninklijke KPN's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Koninklijke KPN has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Koninklijke KPN performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Koninklijke KPN's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Koninklijke KPN's year on year earnings growth rate has been positive over the past 5 years.
  • Koninklijke KPN's 1-year earnings growth exceeds its 5-year average (163.1% vs 4.8%)
  • Koninklijke KPN's earnings growth has exceeded the Europe Telecom industry average in the past year (163.1% vs 10.4%).
Earnings and Revenue History
Koninklijke KPN's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Koninklijke KPN Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KPN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,500.00 613.00
2019-09-30 5,541.50 322.00
2019-06-30 5,556.00 207.00
2019-03-31 5,597.50 239.50
2018-12-31 5,633.00 233.00
2018-09-30 6,410.00 426.00
2018-06-30 5,668.00 348.00
2018-03-31 5,496.00 350.00
2017-12-31 5,742.00 339.00
2017-09-30 6,607.00 472.00 90.00
2017-06-30 6,319.00 344.00
2017-03-31 6,765.00 356.00 90.00
2016-12-31 6,806.00 312.00
2016-09-30 6,828.00 488.00 111.00
2016-06-30 6,874.00 481.00 106.00
2016-03-31 6,939.00 475.00 106.00
2015-12-31 7,008.00 452.00 106.00
2015-09-30 7,786.00 218.00
2015-06-30 7,167.00 75.00 123.00
2015-03-31 7,932.00 247.00
2014-12-31 7,328.00 247.00 123.00
2014-09-30 8,010.00 157.00
2014-06-30 7,800.00 321.00
2014-03-31 8,100.00 133.00
2013-12-31 8,443.00 286.00
2013-09-30 8,662.00 131.00
2013-06-30 8,831.00 242.00
2013-03-31 8,318.00 156.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Koninklijke KPN has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Koninklijke KPN used its assets more efficiently than the Europe Telecom industry average last year based on Return on Assets.
  • Koninklijke KPN has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Koninklijke KPN's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Koninklijke KPN has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Koninklijke KPN's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Koninklijke KPN's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Koninklijke KPN's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Koninklijke KPN's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Koninklijke KPN's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Koninklijke KPN Company Filings, last reported 2 months ago.

DB:KPN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,508.00 6,799.00 1,041.00
2019-09-30 2,508.00 6,799.00 1,041.00
2019-06-30 1,674.00 7,331.00 383.00
2019-03-31 1,945.00 7,893.00 1,093.00
2018-12-31 1,877.00 7,837.00 1,093.00
2018-09-30 3,211.00 7,972.00 2,018.00
2018-06-30 3,211.00 7,972.00 2,018.00
2018-03-31 3,460.00 7,699.00 955.00
2017-12-31 3,482.00 7,925.00 2,256.00
2017-09-30 3,517.00 7,960.00 1,155.00
2017-06-30 3,517.00 7,960.00 1,155.00
2017-03-31 3,601.00 8,829.00 1,319.00
2016-12-31 3,601.00 8,829.00 1,319.00
2016-09-30 3,448.00 8,504.00 960.00
2016-06-30 3,448.00 8,504.00 960.00
2016-03-31 5,148.00 8,098.00 1,925.00
2015-12-31 5,051.00 9,639.00 2,021.00
2015-09-30 5,117.00 9,672.00 1,250.00
2015-06-30 5,117.00 9,672.00 1,250.00
2015-03-31 4,630.00 10,441.00 2,276.00
2014-12-31 4,630.00 10,346.00 2,276.00
2014-09-30 4,729.00 11,923.00 1,500.00
2014-06-30 5,012.00 12,115.00 1,531.00
2014-03-31 5,294.00 12,570.00 2,145.00
2013-12-31 5,303.00 13,559.00 3,946.00
2013-09-30 5,490.00 13,771.00 4,133.00
2013-06-30 5,601.00 14,148.00 4,345.00
2013-03-31 2,463.00 14,112.00 1,213.00
  • Koninklijke KPN's level of debt (271.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (223.5% vs 271.1% today).
  • Debt is well covered by operating cash flow (29.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess Koninklijke KPN's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Koninklijke KPN has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Koninklijke KPN's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.93%
Current annual income from Koninklijke KPN dividends. Estimated to be 6.78% next year.
If you bought €2,000 of Koninklijke KPN shares you are expected to receive €119 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Koninklijke KPN's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.66%).
  • Koninklijke KPN's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Upcoming dividend payment

Purchase Koninklijke KPN before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:KPN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
Germany Telecom Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 319 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:KPN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 0.15 1.00
2022-12-31 0.15 11.00
2021-12-31 0.14 18.00
2020-12-31 0.14 19.00
2020-03-27
DB:KPN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-01-29 0.125 5.487
2019-07-24 0.122 4.422
2019-02-07 0.133 4.850
2018-10-24 0.126 5.040
2018-05-23 0.126 5.370
2018-01-31 0.127 5.036
2017-10-26 0.121 4.126
2017-07-26 0.121 4.057
2017-04-26 0.117 4.008
2017-02-27 0.125 4.507
2017-02-01 0.125 4.771
2016-10-27 0.108 3.924
2016-04-13 0.080 2.558
2015-10-27 0.120 3.493
2015-04-15 0.100 2.969
2015-02-27 0.080 2.534
2014-10-28 0.040 1.491
2014-10-01 0.040 1.696
2014-04-25 0.000 0.000
2014-02-26 0.000 0.000
2014-02-04 0.000 0.000
2013-10-22 0.000 0.000
2013-07-23 0.000 0.000
2013-04-23 0.000 0.000
2012-10-23 0.350 9.890
2012-07-24 0.350 5.447
2012-04-12 0.850 11.515
2012-02-21 0.900 11.022
2012-01-24 0.900 11.137
2011-02-22 0.800 8.066
2011-01-26 0.800 6.838
2010-10-26 0.800 7.052
2010-07-27 0.800 7.115
2010-04-27 0.800 7.507
2010-02-23 0.800 6.843
2010-01-26 0.800 6.848
2009-10-27 0.800 6.671
2009-07-23 0.630 5.701

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Koninklijke KPN's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Koninklijke KPN's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Koninklijke KPN afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Koninklijke KPN has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Koninklijke KPN's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joost Farwerck
COMPENSATION €1,949,518
AGE 54
TENURE AS CEO 0.4 years
CEO Bio

Mr. Joost F. E. Farwerck has been the Chairman of Board of Management at Koninklijke KPN N.V. since October 1, 2019 and has been its Chief Executive Officer since 1 December 2019. He has been a Member of Board of Management at Koninklijke KPN N.V. since April 10, 2013 and served as its Chief Operations Officer since September 2014 until 1 December 2019. He was the Interim Chief Executive Officer at Koninklijke KPN N.V. since October 1, 2019 until 1 December 2019. Mr. Farwerck started working at KPN in 1994 and held senior management positions in various divisions. Mr. Farwerck served as Managing Director of KPN Netherlands at Koninklijke KPN N.V. since February 15, 2012. Mr. Farwerck served the positions of corporate secretary of KPN, Director Carrier Services, member of the board of management of the KPN Fixed Division, Managing Director of KPN Fixed Operations and Carrier Services, Senior Executive Vice President KPN Wholesale and Operations and Senior Executive Vice President Residential KPN Netherlands. Mr. Farwerck is a member of the board of Nederland-ICT, of the board of The Hague Security Delta and of the board of FME, as well as a member of the Cyber Security Council. He is also a member of the Strategic Advisory Board TNO. He has held responsible for the operating activities of KPN as Chief Operating Officer since September 2014. Mr. Farwerck is a member of the executive committee of VNO-NCW, a member of the board of Nederland-ICT, of the board of The Hague Security Delta and of the board of FME, as well as a member of the Cyber Security Council. He serves as Chairman of iBasis, Inc. In addition, from 2007 to 2009, Mr. Farwerck served as Non-Executive Director of iBasis. Mr. Farwerck studied law at the University of Amsterdam.

CEO Compensation
  • Joost's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joost's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Koninklijke KPN management team in years:

0.3
Average Tenure
50
Average Age
  • The average tenure for the Koninklijke KPN management team is less than 2 years, this suggests a new team.
Management Team

Joost Farwerck

TITLE
Chairman of Management Board & CEO
COMPENSATION
€2M
AGE
54
TENURE
0.4 yrs

Marieke Snoep

TITLE
Chief Business Market & Member of Management Board
COMPENSATION
€706K
AGE
48
TENURE
0.3 yrs

Jean-Pascal Emmanuel van Overbeke

TITLE
Chief Consumer Market & Member of Management Board
COMPENSATION
€717K
AGE
54
TENURE
0.3 yrs

Babak Fouladi

TITLE
Chief Technology & Digital Officer and Member of Management Board
COMPENSATION
€709K
AGE
50
TENURE
0.3 yrs

Hilde Garssen

TITLE
Chief People Officer & Member of Management Board
COMPENSATION
€538K
TENURE
0.3 yrs

Chris Figee

TITLE
CFO & Member of Management Board
AGE
47
TENURE
0.1 yrs

Bisera Grubesic

TITLE
Head of Investor Relations
TENURE
1.7 yrs

Jasper Spanbroek

TITLE
Chief Legal Officer
AGE
44
TENURE
7.1 yrs

Hans Koeleman

TITLE
Chief Corporate Communications & CSR

Pieter Swarts

TITLE
Chief Procurement Officer
AGE
54
TENURE
7.9 yrs
Board of Directors Tenure

Average tenure and age of the Koninklijke KPN board of directors in years:

4.9
Average Tenure
61.5
Average Age
  • The tenure for the Koninklijke KPN board of directors is about average.
Board of Directors

Duco Sickinghe

TITLE
Independent Chairman of Supervisory Board
COMPENSATION
€115K
AGE
61
TENURE
4.9 yrs

Derk Haank

TITLE
Independent Vice Chairman of Supervisory Board
COMPENSATION
€88K
AGE
66
TENURE
2.9 yrs

Peter van Bommel

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€80K
AGE
62
TENURE
7.9 yrs

Peter Hartman

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€75K
AGE
70
TENURE
4.9 yrs

Carlos José García Moreno Elizondo

TITLE
Member of the Supervisory Board
COMPENSATION
€73K
AGE
62
TENURE
6.9 yrs

Jolande Sap

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€70K
AGE
56
TENURE
4.9 yrs

Claudia Zuiderwijk

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€70K
AGE
57
TENURE
5.9 yrs

Edzard Overbeek

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€73K
AGE
52
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Koninklijke KPN individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
04. Feb 20 Buy Jean-Pascal Emmanuel van Overbeke Individual 04. Feb 20 04. Feb 20 19,700 €2.52 €49,644
04. Feb 20 Buy Marieke Snoep Individual 04. Feb 20 04. Feb 20 10,000 €2.52 €25,200
04. Feb 20 Buy Joost Farwerck Individual 04. Feb 20 04. Feb 20 40,000 €2.52 €100,800
04. Feb 20 Buy Hilde Garssen Individual 04. Feb 20 04. Feb 20 19,750 €2.52 €49,770
X
Management checks
We assess Koninklijke KPN's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Koninklijke KPN has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Koninklijke KPN N.V. provides telecommunications and information technology (IT) services in the Netherlands. The company operates through Consumer; Business; Wholesale; and Network, Operations & IT segments. It offers fixed and mobile telephony, fixed and mobile broadband Internet, and television services to retail consumers; infrastructure and network related IT solutions to business customers; and wholesale network services to third parties. The company also provides cloud, workspace, and security services to small and medium enterprises; and workplace management, IT management, cybersecurity, and information and communication technologies to large and corporate enterprises. Koninklijke KPN N.V. was founded in 1881 and is headquartered in Rotterdam, the Netherlands.

Details
Name: Koninklijke KPN N.V.
KPN
Exchange: DB
Founded: 1881
€8,840,791,811
4,195,914,481
Website: http://www.kpn.com
Address: Koninklijke KPN N.V.
Wilhelminakade 123,
Rotterdam,
Zuid-Holland, 3072 AP,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM KPN Ordinary Shares Euronext Amsterdam NL EUR 13. Jun 1994
OTCPK KKPN.F Ordinary Shares Pink Sheets LLC US USD 13. Jun 1994
DB KPN Ordinary Shares Deutsche Boerse AG DE EUR 13. Jun 1994
XTRA KPN Ordinary Shares XETRA Trading Platform DE EUR 13. Jun 1994
LSE 0O8F Ordinary Shares London Stock Exchange GB EUR 13. Jun 1994
SWX KPO Ordinary Shares SIX Swiss Exchange CH CHF 13. Jun 1994
WBAG KPN Ordinary Shares Wiener Boerse AG AT EUR 13. Jun 1994
BMV KPN N Ordinary Shares Bolsa Mexicana de Valores MX MXN 13. Jun 1994
ETLX KPN-U Ordinary Shares Eurotlx IT EUR 13. Jun 1994
BATS-CHIXE KPNA Ordinary Shares BATS 'Chi-X Europe' GB EUR 13. Jun 1994
OTCPK KKPN.Y SPON ADR EACH REP 1 ORD EUR0.24 Pink Sheets LLC US USD 23. Oct 1995
DB KPNB SPON ADR EACH REP 1 ORD EUR0.24 Deutsche Boerse AG DE EUR 23. Oct 1995
Number of employees
Current staff
Staff numbers
11,248
Koninklijke KPN employees.
Industry
Integrated Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/27 21:47
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/02/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.