f 6% (vs. the sector at 4.5%). ■ Catalysts: improving organic growth and M&A Related DB Research: Telcos Outlook 2018: lime to call the sector up (Grindle) O4 16 O2 17 O4 17 O2 18 Deutsche Bank Organic EBITDA growth has accelerated to 9.3% 10% 5% 0% 0 -5% -10% H1 15 Group OSR Group org. E