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Update: KPN Earnings

Since my previous article on KPN (OTCPK:KKPNY) the return to shareholders in Euros has been satisfactory at 18.5% but the return to shareholders in Dollars less so at only 4.8%. At the time, I liked the American Movil (AMOV) bid enough to argue for a position, ultimately this bid was fended off by the company. On the recent earnings call, the company discusses a mixed bag of positives and negatives. One of the questions that I thought was very interesting was asked by Paul Sidney of Credit Suisse:

are you seeing any evidence of Ziggo becoming more rational in the Dutch wireline market post the Liberty acquisition completing? I know they were giving away tablets, et cetera, which was seen as very aggressive over 2014. Any change in behavior there, please?

The Netherlands is a crowded market because it's so densely populated and in this competitive industry which tends to… Read More …