Over the past years, financial markets have largely ignored this theme. Instead, web 2.0 and mobile have dominated the discussion (at least in Europe). And this for a very simple reason: strong demand-led growth. Growth is a powerful driver in valuation models and can sometimes lead to lofty expectations. In contrast, it seems difficult to position fixed access networks as an attractive infrastructure investment theme. We see this as an opportunity. There is much to be learnt from the cable industry in this regard.