There are seven Western European players that play a key role in the Eastern European telecoms markets. Although the wireline incumbents are all very strong cash generators, their revenue growth is being arrested by a combination of price competition, fixed-to-mobile substitution (FMS) and market share erosion. Broadband and enterprise data services remain the key growth services for many, but they are insufficient to offset the gap left by the decline in fixed voice revenues. We expect a bumpy road ahead for the Eastern European incumbents, with revenues coming under pressure.