CLOSING: KPN

TIME TO BUY

The stock has had a great run and although I still believe in the name for 2014 and my view hasn’t changed, I think over the ST with numbers on 4/2 it is time to take profits. Apparently the company has called round analysts and said numbers are a bit too high. We will reassess post numbers and look to get back in at some point. At the least take half the position off here… 18/19% will do!

 

CHEAP ON VARIOUS METRICS; TOO CHEAP VS SECTOR: BUY

Friday • 13 December 2014 • 16:13

Its cheap on various metrics and too cheap vs the sector.

4.5x EBITDA vs the sector on more than 5x.

Potential -ve catalust out the way yesterday – the EC are keeping control of the e-plus/O2D decision.

The main bear case has been tele2 being a disruptive entrant into the dutch market.

They cant even deal with things in their own market now so i think that threat is no longer relevant…BUY!