Philips earnings are solid, but unexciting. Revenues were strong across the board, and as far as the outlook is concerned, Philips essentially confirmed what was already expected.

177

KPN is doing a lot at the fixed unit with cost cuts and introducing new services, the question is whether it's enough in this market.

145

Given the current operational performance, the potential to free up large sums of cash and the absence of larger acquisition opportunities, I expect Philips may engage in further share buybacks or pay out higher dividends in 2006.

125