PPF confirmed it is in talks with Telefónica on Telefónica CR 69% stake but also noted that its is not clear if negotiations to be successful / we think PPF will not pay any premium to market price as Telefónica CR's valuation is stretched at levels of 330 CZK according to us. Please note Telefónica CR trades at 6x 2014 EV/ EBITDA while CE peers trade at 4x 2014 EV/EBITDA.