We estimate adjusted FCFE will rise to…

We estimate the impact on EBITDA and cash flow from a Romanian exit (fixed and mobile)…

We upgrade OTE to OI with PT of E14 following…

With this note we update our views on Greek equities…

OTE lowered its adjusted FCFE guidance to c. E440m (from c. E500m) on the back of higher capex which we understand relates to accelerated VDSL infrastructure investments; E440m FCFE equals a 11% yield but still OTE does not seem willing to commit to a specific dividend; we fail to understand why OTE will not raise its dividend yield to the average of peers (i.e. E200m/5% yield) therefore we also fail to see how shares will re-rate going forward…