Digi Communications : Another year of investments

We believe that legal risks have reduced following a first ruling on corruption charges in January and that operating results should further grow in 2019, thanks to Romania and Spain. However, we consider that the net leverage is likely to increase in 2019 (from 2.8x to 3.1x in our model) because of a peak in cash capex and the acquisition of 5G spectrum which will be auctioned this year in Hungary and Romania. We think that the impact of the 5G auctions should be manageable for ...