KPN

KPN (Neutral from Buy) Q1 23: in-line results, but upgrades seem a way away and upside limited - downgrade to Neutral

KPN (Buy) Q4 22: Slightly weaker 2023 EBITDA guidance, but bigger buyback

Where we think consensus can be beaten.

EU TELECOMS 2023 OUTLOOK: Price rises should reinforce confidence in 2023 expectations

ESG: 52% of the European Telecoms sector is now CDP A rated