Telefonica announced that it owns 69.4% of CT following the buyout at CZK 456/share. We expected TEF’s share to reach 60-65%. At 70%, TEF’s holdings should guarantee sufficient free float for active trading. CT’s shares have underperformed compared to the PX-50 index over the last 3 months, giving a return of 0.8% compared with 17% due to the buyout. With the buyout having expired on Monday, September 19, CT’s shares should be supported by its strong fundamentals and free cash flow generation capacity.