TPSA (22 PLN, 0,00%) has reportedly expressed willingness to return to the negotiating table with the unions regarding the 10% hike the employees are demanding. The Managament Board is expected to peg any agreement to FY 2007 Net Profit. Our view: A 10% wage increase, instead of our forecast 6% wage growth assumption, results in a 2% reduction in our fair valuation for TPSA.