Q4 revenues were down by 3% yoy, a slightly disappointing number as we were hoping for signs of stabilisation. Q4 EBITDA, down by 1.6% yoy and lfl, was also disappointing but above all it is the 2020 outlook which has a chilling effect as the EBITDA should be stable or slightly growing despite the new wave of KPN’s simplification programme. We maintain our opinion on the stock at Add, but we will probaly lower our estimates for 2020.
