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    Nuno Vaz

    Research Analyst at Bernstein

    Nuno Vaz is an analyst at Bernstein, specializing in equity research across the general sector with coverage of key publicly traded companies. He currently covers two stocks with an impressive 80% success rate, as reflected by his performance metrics on TipRanks where he is rated a 2.27-star Wall Street Analyst. Vaz's career at Bernstein follows the firm's tradition of hiring industry experts with substantial sector experience, though specific details regarding his prior employment history and securities licenses are not publicly available. His professional profile demonstrates proven predictive accuracy in his market calls, though formal FINRA registration or other financial credentials have not been confirmed.

    Nuno Vaz's questions to KKPNY leadership

    Nuno Vaz's questions to KKPNY leadership • Q2 2024

    Question

    Asked for clarification on the weaker performance in the wholesale segment, questioning potential one-offs in broadband and weaker organic mobile growth. He also questioned why the inclusion of lower-ARPU Youfone did not result in a noticeable dilution of the overall postpaid ARPU.

    Answer

    The wholesale weakness is due to increased competition and copper churn, though fiber wholesale is growing. The mobile decline is driven by regulated tariffs and MVNO discounts. They expect a return to growth in Q3/Q4. Regarding ARPU, KPN's like-for-like ARPU (ex-Youfone) would have been €17.3. The stability is because the committed part of the ARPU is growing strongly (over 5%), offsetting declines in non-committed elements like top-ups and roaming.

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