Telelink Business Services Group’s (TBSG) consolidated revenue declined 5.5% YoY to BGN 29.2m as domestic sales declined by 9% YoY to BGN 17.1m, despite the strong 26% QoQ recovery in Q3. After several quarters of decline in share of Bulgaria in total revenue the number advanced to 59% in Q3 at the expense of sales to the Balkan countries. TBSG most probably increased share of higher value added products and services as EBIT advanced 12.9% YoY to BGN 4.2m and EBIT margin added 2.3pp YoY to 14.2%. Consolidated net profit was BGN 3.6m, up by 15.2% YoY. 9mo consolidated revenue was BGN 94.6m, up by 21.2% YoY on 35.5% YoY increase in Telecom revenues (BGN 33.9m), 13.8% YoY increase in Enterprise Networking to BGN 23.7m and 58.6% YoY advance in the Modern Workspace sales to BGN 17m. We note that in the beginning of 2020 TBSG forecast consolidated revenues of BGN 181m which now seem off-target. 9mo consolidated EBIT added 63.4% YoY to BGN 11.9m. Bottomline, consolidated net margin improved by 3pp YoY to 10.6%. Cash flow generation continued to improve 9mo CFO stood at BGN 12m compared to BGN 2.1m outflow a year ago.