KPN: preview Q2 2009 (July 23)
KPN will report on its second quarter results on Thursday 23 July, before opening of the stock market. In this brief we take a look at KPN's performance during the first quarter, and make some extrapolations regarding the net additions of broadband and mobile services in 2009. We also make estimates for KPN's P&L, to see that growth is in line with company guidance. The original 'Back to Growth' guidance still stands largely, but Getronics and the coverage shortage at the pension fund take a cut. Other issues include the pending appointment of a new CFO, possible add-on acquisitions, Sympac's new business model and the ongoing FTTx trials. All in all, KPN has a very strong focus on maintaining its bottom line, i.e. its free cash flow and dividend, and has shown the ability to deliver on this.
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