EFTA Document EFTA01385534

> TMT Deutsche Bank KPN - Keval Khiroya, BUY, close €2.9, €4.2 tgt, 45% upside ■ Dutch wireless market solid. The Dutch market has shown increasing signs of rationality over the past two years and KPN performs well within this, with the company highlighting low mid-single digit underlying service revenue growth in the most recent quarter. • Wireless consolidation helpful. Most of the price competition has been contained to the low-end, where Tele2 and T-Mobile NL have been active. The t