New Street Research - Tele Columbus AG (TC1) TeleColumbus (Overweight) Potential ServCo sale: Implications and refinancing next steps

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New Street Research

Ben Rickett ...

James Ratzer

EUR 8824.00 For Business Accounts Only

TeleColumbus (Overweight) Potential ServCo sale: Implications and refinancing next steps

TeleColumbus’ NetCo/ ServCo separation is progressing quicker than we had expected and we believe the company is now seriously exploring a ServCo sale as a route to reduce debt and enhance equity value. TeleColumbus’ current 10% PIK note arguably sees an excessive transfer of value from equity holders to debt holders given our view that the company has asset coverage > 100%.

14/04/2025 1 EN

Underlying

Tele Columbus AG

Tele Columbus AG. Tele Columbus AG is a Germany-based company engaged in the telecommunication and cable television business sector. The Company offers analog cable television (TV), digital TV, Internet access and cable telephony via broadband cable. The service offered by the Company includes digital cable channels, a telephone line or Internet flat rate. There is also a possibility to choose a double flat deal where the client combines a telephone and Internet flat rate or a Sky High Definition (HD). The offers are available in Berlin, Brandenburg, Saxony, Saxony-Anhalt, Thuringia , Saxony and in parts of North Rhine-Westphalia. The subsidiaries of the Company include Tele Columbus Netze Berlin GmbH, pepcom GmbH and Kabelfernsehen Muenchen Servicenter GmbH & Co KG, among others.

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DE000TCAG172 Germany

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New Street Research

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
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Pan European Telecom Services and Cable

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Analysts

Ben Rickett

James Ratzer

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TeleColumbus (Overweight) Potential ServCo sale: Implications and refinancing next steps

Lucror Analytics - Morning Views Europe

European High Yield Investment Outlook 2025 - Lucror Analytics

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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