Koninklijke KPN N.V. (KPN.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+80.2%

€7.85

vs €4.35 price

Levered DCF

€6.07

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.19

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.09×	16×	15.6×	16.06×	8.81×	19.15×	17.53×	39.75×
P/B	6.55×	3.88×	3.48×	3.24×	3.53×	3.99×	4.4×	5.52×
P/S	2.86×	2.45×	2.28×	2.22×	2.16×	1.98×	2.01×	1.91×
EV / EBITDA	9×	7.74×	7.25×	6.95×	5.51×	7.4×	7.18×	7.42×
Gross margin	30.9%	73.0%	53.8%	53.4%	25.6%	75.7%	78.5%	76.9%
Operating margin	24.8%	24.8%	24.7%	22.9%	35.3%	17.3%	13.9%	14.0%
Net margin	14.7%	15.1%	15.5%	14.3%	24.4%	10.6%	11.4%	4.8%
Current ratio	0.64×	0.6×	0.75×	0.83×	0.84×	0.73×	0.73×	0.92×
Debt / equity	3.38×	2.01×	1.91×	1.72×	2.36×	3.03×	3.03×	3.89×
Interest coverage	5.11×	5.01×	5.05×	5.7×	8.46×	3.83×	2.57×	2.5×
Dividend yield	4.1%	4.7%	4.7%	4.8%	4.9%	5.1%	4.6%	4.9%
Payout ratio	78.9%	76.2%	69.5%	75.1%	43.0%	94.5%	81.8%	195.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.8%	24.0%	23.7%	20.8%	39.9%	21.4%	25.0%	13.9%
Return on invested capital	10.0%	9.8%	9.6%	8.8%	13.0%	7.4%	6.6%	4.1%
Return on assets	6.5%	6.8%	6.9%	6.4%	10.1%	4.6%	5.1%	2.2%
Free cash flow yield	6.3%	6.9%	8.0%	8.3%	8.0%	4.6%	8.1%	8.0%
Earnings yield	5.2%	6.2%	6.8%	6.4%	11.3%	5.4%	5.7%	2.5%
Enterprise value	€24.7B	€20.2B	€18.6B	€17.7B	€18.2B	€17.8B	€17.9B	€17.7B
Net debt / EBITDA	2.97×	2.47×	2.41×	2.31×	2.06×	3.05×	2.74×	2.92×
Cash conversion cycle (days)	-19	-96	-32	-32	-1	-90	-108	-93