FiberCop (Underweight) H1 25: Pressure on core business continues
FiberCop has reported H1 results and provided expectations for 2025 for the first time. Whilst KPI losses continue at the same rate as H2 (albeit worse than H1 2024), the financials are worse (EBITDA AL now expected to be down c.-6% in 2025). Given the deteriorating asset cover and relatively light covenants, we continue to argue that current bond yields do not reflect the risks
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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