Tuesday, October 31, 2006

EARNINGS SEASON://Second thoughts on KPN's Q3

Just as you think you cornered the VoIP market under a straightforward name (excuse me, we're leaving out a tiny segment, the peer-to-peer apps), your Big Competitor comes around and makes fun of you, morphing it into 'Internet + Bellen'.

Anyway, most striking I found the ease at which takeovers are regarded a form of SACs (listen to the call). Without Telfort, all these ISPs and ICT providers that KPN has been hoovering up, growth was squarely negative, instead of +3.7%. Also, there is no turning point yet in the development of the number of accesses.

As KPN managed to put an end to LLU and force competitors (they have until November 7) to rethink their strategy (turn reseller or invest in FTTC (as in 28k street cabinets) + SLU), munifiber is simply not talked about. Not a word about Citynet or any other project. When I spoke to the IR people recently, they quickly turned to Appingedam - as if that case is representative.

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