UBS confirms its Neutral recommendation on Dutch telecom operator KPN and lowers its target price to E3.08 (from E3.12) after the Investor Day (CMD).

' EBITDA and FCF forecasts achievable, but increasing competition could impact production growth ' says UBS. The analyst lowers its FCF forecast by -2%.

KPN targets service revenue growth of around 3%, EBITDA growth of nearly 3% and around 7% FCF growth through 2027.

' Capital expenditure remains at around €1.2 billion per year until 2026. Capital expenditure will fall below the 1.0 billion euro mark from 2027 onwards, thanks to the completion of the fiber optic project', said the group.

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