Service revenues returned to slight growth in Q3, as they were up indeed by 0.4% yoy: an expected number confirming, however, an improving trend as they were respectively down by 0.4% and 0.8% in Q2 and Q1. We believe that Vodafone should be able to maintain its dividend at its current levels. Given the modest growth that the group should clock in the coming years, notably in Germany, we maintain our Buy recommendation on the stock which is still 12% below its pre-COVID-19 prices.