The Q2 was slightly better than expected. We expect Proximus to see modest sales and Ebitda growth in the coming years. However Proximus has been lagging behind its peers on fibre deployment and needs to invest. The group is not yet out of the woods in terms of its EBITDA less capex and is unlikely to increase its dividends any time soon. The group is trading at a significant discount and we maintain our Buy opinion despite seeing no catalyst in the short term.