According to iDnes server, Eurotel might be soon rebranded to O2. However the official decision has not been taken yet. As we informed at the end of 2005, the decision should be taken in 1Q2006. TEF is considering unifying the brand name of its European mobile arms outside Spain as O2. Note that TEF acquired O2 last year. O2 already operates in Germany, UK and Ireland. Given the presents of two global brands, T-Mobile and Vodafone, in the Czech Republic, we believe that TEF may follow the suit. However the decision process for TEF will be tougher as Eurotel has more established brand name. We estimate the costs of re-branding at cCZK 300-350m. We don’t see the news to have any significant impact on the stock price in particular ahead of CT’s 4Q05 results release planned for February 23, at 5.00pm (CET). We reiterate our Sell recommendation.