At first sight a reassuring release with a correct EBITDAaL outlook… if there was not a worrying detail: capex will be higher than expected. The stock was indeed down by 5% this morning. Capex should indeed grow by 6% yoy in 2021/22 but, as for most telcos, this is for a good cause. Certainly the dividend should remain flat for 2021/22 but, given its current 7.5% dividend yield, we maintain our Buy recommendation on this stock with increasingly solid German fundamentals.