According to weekly Euro, Austrian company ATMS Telefon und Marketing Services entered Czech telco market. Established subsidiary called CTMS should provide service of so called “color” free phone lines. Until now Cesky Tel was dominant provider in this area. CTMS plans to become its main rival, mainly thanks to its international know-how. Although Czech free phone line market had a potential of EUR 45m in 2005, according to CTK, and it should double in next five years, this is only a marginal segment for Cesky Tel. Thus we see the news as neutral for today’s trading and reiterate our Hold recommendation.