KPNQwest: north or south?

Market Perform

It goes without saying that KPNQwest operates in a difficult market and in a difficult economic environment. Nevertheless, the company actually reported headline numbers in line or even ahead of our expectations, Ebitda of €16.8 million in the fourth quarter of 2001 versus our estimate of €10.2 million, and revenues of €220 million versus our estimate of €220.9 million. However, scratch the surface of these apparently good headline numbers, and the veneer quickly fades. For the first time

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