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“We are downgrading our investment stance on GO plc (“GO” or “the Group”) to a Hold from a Buy recommendation, with a 1-year price target of €4.43 from our previous target of €4.70. Our adjusted price target mainly reflects the ad hoc net dividend of €0.41 per share (€41.5 million) that was distributed following the sale of BMIT for €48.9 million. GO is well positioned in the local telecommunications industry and as such its revenue growth is restricted to that of the local market, which has reached saturation point. GO’s management embarked on a cost savings exercise and this should positively affect the Group in the long-term, at the expense of short-term costs such as the voluntary retirement scheme. In H1 2019, Cablenet continued on its growth trajectory experiencing a growth of 9% in its customer base on an annualised basis, with revenue increasing by 8.2% and EBITDA increasing by 12% on a comparative basis. We expect Cablenet’s revenues to continue

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