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Investing.com - Berenberg has reinstated coverage of Koninklijke KPN NV (AS:KPN) (OTC:KKPNY) with a Buy rating and a price target of EUR4.78, citing the stability of the Netherlands telecommunications market.
The research firm views the Dutch telecoms market as one of the most stable in Europe and expects this stability to continue for the foreseeable future. Berenberg forecasts KPN will deliver sector-leading free cash flow compound annual growth rate of 12% over the 2025-30 period.
The Netherlands has developed into an attractive, stable, price inflationary three-company telecoms market over many years, according to Berenberg. The general pricing environment has been inflationary in recent years, with Dutch regulators permitting annual price increases for both mobile and fixed services in line with inflation.
KPN has outperformed the market for several consecutive quarters, leveraging advantages from its strong brand, network investment, and product portfolio. Dutch consumers and businesses have consistently migrated toward converged products, benefiting established providers like KPN.
The price target of EUR4.78 is based on a discounted cash flow analysis, reflecting Berenberg’s positive outlook on the company’s financial trajectory and market position.
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