KPN
Time to buy
- Its cheap on various metrics and too cheap vs the sector
- 4.5x EBITDA vs the sector on more than 5
- 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