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Koninklijke KPN N.V (KPN) Fair Value & Analysis

Communication Services · NL · Market cap €16.3B

KK Koninklijke KPN N.V KPN · AS
Price€4.07
Fair Value€3.77
Upside-7.4%
Quality54/100
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Healthy Growth
Solidly profitable · 15.2% net margin
High debt · generates free cash flow
4.19% dividend yield
Mixed vs. peers (6/15)
Wide moat 70/100
Evidence: High Range €2.51 – €6.23 Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 22 days ago

Share price −3.7% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€2.51 to €6.23) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€4.76 €2.09 Fair Value €3.77 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €2.09 – €4.76 · fair‑value band €2.51 – €6.23 · the €4.07 price screens above the €3.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Koninklijke KPN N.V (KPN) currently trades at €4.07, while our model-based Fair Value estimate is €3.77, implying the stock looks roughly 7.4% fairly valued today. We read business quality at 54/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Koninklijke KPN N.V generated revenue of €5.8B at a net margin of 15.2%. Revenue grew 2.2% year over year. It earns a return on equity of 23.3%. Net debt stands at €8.1B. Fundamentals as of Jul 16, 2026

Our scenario range runs from €2.51 (bear case) to €6.23 (bull case); at €4.07, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -7%, KPN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €2.03 €3.30 €5.47 80
Residual Income €1.31 €1.56 €5.23 76
Rev-Margin DCF €1.35 €2.63 €4.21 74
All 24 models by family
DCF Models
FCF DCF €1.88 €3.18 €5.60 38
Owner Earnings €1.45 €2.59 €4.70 31
5Y Revenue Exit €1.35 €2.56 €4.30 39
5Y EBITDA Exit €5.34 €9.46 €14.92 41
5Y P/E Exit €1.62 €3.01 €4.69 38
10Y Revenue Exit €1.46 €2.38 €3.35 36
10Y EBITDA Exit €3.95 €6.65 €9.58 37
10Y P/E Exit €1.69 €2.66 €3.58 35
Earnings-Based
Graham-Dodd €1.54 €1.88 €2.12 54
EPV €4.84 €5.89 €6.80 59
Dividend Discount
Gordon GGM €1.64 €1.80 €2.03 70
DDM Multi-Stage €1.64 €2.06 €2.65 61
Multiples
P/E Multiple €3.40 €4.53 €5.66 63
P/S Multiple €2.89 €3.85 €4.82 58
P/B Multiple €1.51 €2.01 €2.51 55
EV/EBIT €8.46 €11.76 €15.06 53
EV/EBITDA €9.03 €12.52 €16.02 54
EV/Revenue €1.25 €2.41 €3.57 43
Asset-Based
NCAV (Graham) €0.3300 €0.4500 €0.6700 50
Growth DCF
Growth DCF €2.03 €3.30 €5.47 80
Rev-Margin DCF €1.35 €2.63 €4.21 74
Economic Profit
Residual Income €1.31 €1.56 €5.23 76
ROIC Compounder €4.84 €6.12 €7.38 72
Growth Earnings
Growth-Adj P/E €2.40 €3.44 €4.47 68

Widest divergence: Multiples (€3.85) versus Asset-Based (€0.4500). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €5.8B
Revenue growth (YoY) +2.2%
Net margin 15.2%
Return on equity 23.3%
Free cash flow €1.3B FY2025
P/E ratio 21.3
More key figures
Operating margin 24.5%
EPS (TTM) €0.2100
Dividend yield 4.0%
EPS growth (YoY) +27.6%
Net debt €8.1B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 52 · Market factors (momentum, volatility) 54

Profitability 57
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 45
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Koninklijke KPN N.V. provides telecommunications and information technology (IT) services in the Netherlands. The company operates through Consumer, Business, Wholesale and Network, and Operations & IT segments.

Full company description

Koninklijke KPN N.V. provides telecommunications and information technology (IT) services in the Netherlands. The company operates through Consumer, Business, Wholesale and Network, and Operations & IT segments. It offers fixed and mobile telephony, fixed and mobile broadband internet, and TV to retail and business consumers; infrastructure and network-related IT solutions to business customers; and wholesale network services to third parties. The company also provides network-related ICT solutions, such as security, internet of things, cloud, connectivity, and smart combinations; interconnect traffic, visitor roaming, digital products, and NL-ix interconnect exchange services; and sale of handsets and peripheral equipment, as well as software licenses. It offers its products and services under the KPN, XS4ALL, Simyo, KPN Security, KPN Health, Solcon, Inspark, and KPN Partner Network, KPN IoT, and youfone brands. The company was formerly known as Koninklijke PTT Nederland NV and changed its name to Koninklijke KPN N.V. in June 1998. Koninklijke KPN N.V. was founded in 1881 and is headquartered in Rotterdam, the Netherlands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Koninklijke KPN N.V reported revenue of €5.8B in FY2025 versus €5.3B in FY2021, a compound +2.5%/yr. Reported net income was €855M in FY2025, compounding −9.7%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€5.8B
Latest YoY
+4.0%
Avg. growth/yr (3Y)
+3.1%
Avg. growth/yr (5Y)
+2.0%
Avg. growth/yr (29Y)
−1.8%
Revenue +2.5%/yr
FY21 €5.3B
FY22 €5.3B
FY23 €5.4B
FY24 €5.6B
FY25 €5.8B
Net income −9.7%/yr
FY21 €1.3B
FY22 €760M
FY23 €844M
FY24 €848M
FY25 €855M

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Cite: Fair Value Calculator (2026). "Koninklijke KPN N.V Fair Value". https://www.fairvalue-calculator.com/stock/KPN

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Telecom Services · 252 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 54 · Above median
Fair Value upside −7% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 4.2% · Above median
Debt / equity 2.33× · Higher than 75% of peers

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 20.6× · Pricier than median
P/B 7.44× · Pricier than 75% of peers
P/S (TTM) 3.23× · Pricier than 75% of peers
P/FCF 14.6× · Pricier than 75% of peers
EV/EBITDA 10.2× · Pricier than median
PEG 2.06× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 23 · sector 29
FUTURE 11 · sector 15
PAST 93 · sector 28
HEALTH 0 · sector 89
DIVIDEND 84 · sector 73

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is Koninklijke KPN N.V (KPN) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €3.77 versus a price of €4.07, about −7% (fairly valued).
What is the fair value of KPN?
Our model-based fair value for Koninklijke KPN N.V is €3.77 (as of Jul 16, 2026), built from audited fundamentals. The current price is €4.07.
What is the quality score of KPN?
Koninklijke KPN N.V has a Quality Score of 54/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Koninklijke KPN N.V (KPN)?
Koninklijke KPN N.V reported trailing-twelve-month revenue of about €5.8B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of KPN?
The net profit margin of Koninklijke KPN N.V is about 15.2%, meaning it keeps roughly 15.2% of revenue as net income. Based on the latest reported figures.
Does Koninklijke KPN N.V pay a dividend?
Koninklijke KPN N.V currently shows a dividend yield of about 4.04% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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