A solid Q1, although the group confirmed 2021 should be a year of moderate growth. The group is indeed preparing for the future with good agreements on the mobile and fixed side with TEF Deutschland and DT. The stock price remains, however, at a correct price (at 7x the EBITDA), given a weak dividend due to its investment in building a 5G network. However, we are now back to Add as the stock has corrected by c.10% since mid-February.