Billionaire Evtushenkov eyes wireless expansion beyond Russia, studying also Telefonica CR as a potential takeover target. We think if Czech Telefonica was for sale we would expect only limited premium, if any, offered by a potential acquirer as we still find TEF CR's shares as overvalued given its fundamentals. Also note, Evtushenkov, with his wireless carrier OAO Mobile TeleSystems could be interested in LTE spectrum auction, which would be a negative scenario for Telefonica as it means higher competition in the market.