I completely agree with the first three parts of what you've said above, however with respect to growth IMO telecommunications has become a commoditised business with potential growth coming from either conversions, growth in connections from other sources (e.g. IoT) or from the sales of value added services (e.g. Lightbox, Spark Digital services etc.) Spark's strategy on the IoT and value-added services isn't quite as clear as I'd like it to be.