The French government plans to sell its 12.1% stake in France Telecom for EUR 5.8 bn (EUR 19.40 per share). This sale price corresponds to 5.4 - 5.5 EV/EBITDA, which, if applied to our revised 2004 Cesky Telecom projections, implies CZK 487 - 496 per share.
Tomáš Gatěk