The Q3 numbers, adjusted for the depreciation of the Belarusian ruble, lower equipment sales and the stamp for the Austrian master lease agreement with EuroTeleSites, were still impressive.
We remain at Buy on the stock.
Nore that that we have not yet modified Telekom Austria’s accounts to deducted the EuroTeleSites contribution meaning that our price target will need to be restated by €1.25.
