In Q1, Telia's operational performance was good on a broad front, which increases our confidence in the strategy's efficiency and the earnings turnaround continuing. We forecast moderate earnings growth over the next few years with a stronger growth base. Additionally, strong balance sheet offers strategic room for maneuver. The main risk is related to the implementation of the strategy and, in particular, the realization of cost savings. The valuation of the share has become neutral as a result of the share price going up, but at the same time a strong dividend yield of 5% limits the downside.