The Q3 EBITDAal was good, up by 1.8% yoy thanks to solid service revenue growth and despite higher energy costs and personnel expenses. The group can now be considered a long-term FCF growth story (EBITDA less capex was up by 6% yoy in 2022 and should be quasi flat in 2023 but probably for the last year before growing more strongly). The dividend yield is at 4.8% like Elisa and just above Swisscom (4.15%). We remain at Add.