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    Nuno Gontardo Vaz

    Vice President and Equity Research Analyst at Bernstein

    Nuno Gontardo Vaz is a Vice President and Equity Research Analyst at Bernstein, specializing in European beverages and consumer staples, with coverage that includes major firms such as Anheuser-Busch InBev, Heineken, Diageo, Pernod Ricard, and Nestlé. He is recognized for his rigorous, data-driven analysis and investment recommendations, achieving robust accuracy in stock calls, with platforms like TipRanks recording a success rate above 70% and substantial average returns for his coverage universe. Nuno began his career at Deloitte as a strategy consultant before joining Bernstein in 2018, where he swiftly advanced to his current analyst role. He holds professional credentials including CFA charterholder status and FINRA Series 7/63 licenses, underscoring his expertise in equity research and financial market regulations.

    Nuno Gontardo Vaz's questions to KKPNY leadership

    Nuno Gontardo Vaz's questions to KKPNY leadership • Q1 2024

    Question

    Asked why B2C postpaid ARPU growth wasn't stronger despite CPI indexation, and inquired about the application of CPI to wholesale broadband and the flexibility to raise back-book prices above CPI.

    Answer

    Postpaid ARPU growth on committed revenue is strong, but overall ARPU is affected by lower out-of-bundle revenue from unlimited plans. Wholesale broadband price increases were minimal last year due to the timing of CPI measurement but are expected to be higher this year. Raising B2C prices above CPI allows customers to exit contracts, a factor KPN considers in its pricing decisions.

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