Q2 revenues were very solid, up by 7.5% yoy, while the EBITDA was also better than expected, up by 6.3% yoy despite higher workforce and electricity costs. The key point to follow in the coming months is the spin-off of the tower activities. The new Telekom Austria with an EV of €4bn (if we assume an EV of €3bn for A1’s towerco) is today valued at only 2.5 times its EBITDA. The group remains undervalued and we maintain our strong Buy.