P4 said it would start technical tests of its mobile telephony services on December 15. The launch of its commercial services, initially as MVNO, is scheduled at 1Q07.
Our view: We are skeptical about chances of successful launch of P4, considering the growing crowd of other companies, which have announced plans to become MVNO’s, including Telefonia Dialog, mBank, MNI, Cyfrowy Polsat, Auchan, Carrefour and Tesco. We reiterate our Sell rating for Netia.