The key takeaways from the conference call, we believe, are that capex and FCF should normalise back to the 2015-16 levels only from 2H18E, and that it remains too early for full clarity on the dividend policy, this year’s better-than-expected EUR 0.16/share payout notwithstanding. We maintain our view that the investment case remains solid, but is still missing “that certain something†to get us to pound the table on the name at this point. The 4Q16 numbers and FY17E guidance by themselv...
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