Bezeq. In its domestic market this Israeli telecom company has a strong position in mobile, fixed line, broadband and Pay TV. Top -ine growth continues to be driven by data. Meanwhile 100% of earnings are paid out, resulting in a sustainable dividend yield of 9%. Over and above the recurring dividend, one-off dividends can be expected given asset sales and the fact it is over-capitalised. We expect continued restructuring to ensure earnings growth is stronger than top line. As we enter 2010 - with all its uncertainties - an investment in Bezeq looks highly appealing.
