TDA vs telcos at 5x during their ex growth phase ■ Catalysts: guidance cuts Related DB Research: Falling Stars: Magnificent desolation (Davison). Media 2018 Outlook: Don't flirt with mean revert (Davisoni •KT V V V LO LO N tO (O (O ETL has materially outperformed ESE (which is at five-year lows) 01 "