Royal KPN NV (KPN.AS): European Communacopia Conference — Key Takeaways

Goldman Sachs hosted Joost Farwerck, KPN CEO, at its European Communacopia Conference. Bottom line: KPN's message remains focused on consistent delivery. Management reported no material change in the competitive environment, with resilient B2C trends particularly in mobile (growing c.3%) and continued confidence in SME growth (above 5% next year), while broadband remains competitive but is still expected to grow c.1%. Management highlighted the positive reception of its €1 more-for-more security price increase and sees scope to further monetise its security proposition. Confidence in cost efficiencies remains high, with the €100mn opex savings target reiterated and further mid-term detail likely once the current strategic period ends next year;