lt cap,

Thanks for all the details posted.  I'm uncertain of my amateur analysis. But the question of to what extent one currently stays in NOK or not appears to me as -

Even if there are no visible drivers of growth until 2019 at the earliest, one might stay in the stock for the dividend, which would make it worth the wait.

$1.4 b for the necessary support of legacy-like equipment has negative downstream consequences, and impedes free cash, as you cite. Might that not be a reason

to cut the dividend, at least until the expected pick-up in business in 2019-20?