The Q3 numbers were globally in line with our expectations. The main issue with Swisscom is that its dividend is likely to remain unchanged at CHF22 for a few more years as the Swiss EBITDA less capex should be stable in the coming years. We are at reduce with 5% upside. Swisscom offers the lowest dividend yield of the sector at 4% and, while the Swiss 10y is at only 1.05%, the US 10y is still at… 4.7%.