Cesky Tel on one side and other alternative telco operators (ATO) on the other disputes over the wholesale prices Cesky Tel pays them for dial-up connection of ATO’s customers who uses Cesky Tel network to connect. Cesky Tel plans to cut these payments, while ATO’s require to lower end-user fees charged by Cesky Tel for dial-up connection which is still more expensive than fees charged for voice services. As this service provided to ATO’s customers is loss making Cesky Tel plans to increase charged fees, while maintaining prices for its own customers. As the popularity of dial-up connection is on decline in favour of broadband, we see the news as neutral for today’s trading and reiterate our Buy recommendation.