GERMAN ALTNET UPDATE: What will be the key to success?

Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.

TeleColumbus Q2 24: Growth drivers on track, but at a slightly higher cost

2024 is very much a transition year for TeleColumbus in their TV base, but importantly the core Internet franchise growth remains very strong – and well ahead of Vodafone’s growth rates. This, alongside developments on NetCo/ OpCo we think can be further upside for the bonds, but in the near-term, the cost of managing this transition in 2024 will be slightly more expensive than initially assumed.

TeleColumbus Q1 24: The TV transition is underway

TeleColumbus has reported its more detailed Q1 results. A lot of the key details were given out during their CMD last week, but in this short note, we highlight some of the interesting new data points.

AMD post-3Q24 model update

Tele Columbus Model review post-earnings & management call

Earlier today, we published our review of TeleColumbus’ results. Following the earnings call and speaking with management, we now update our model and run through the changes to estimates in this note.

SCOTUS Takes Up Legal Challenge to USF but Bigger Existential Threat Looms

Late last week, the Supreme Court agreed to hear an appeal of 5th Circuit decision holding that the current Universal Service Framework is unconstitutional. In this note, we review the 5th Circuit decision, provide guidance on the likely Supreme Court outcome (and data points to watch along the way that might cause us to change our views), but also analyze other events that could be more even more disruptive to the current USF Framework.