A pretty good release as usual for our Finnish telco with 8% revenue growth and an EBITDA up by 4% yoy. With 6% organic growth the group deserves a higher valuation than its peers. Elisa shares were valued too highly at mid-August (we were at Reduce) considering that a sharp rise in interest rates was expected. At that point, Elisa was offering a 3.7% dividend yield but this now stands at 4.3% and we are again at Add.