Tele Columbus : Mildly recovering
Tele Columbus hopefully turned the page of the painful integration of previous acquisitions in H2 2018, with no further delays. Since then, the company has made modest progress in improving its EBITDA trend, which should slightly decline this year (-3% excluding IFRS 16 vs. -11% in 2018) before a potential stabilization in 2020 (+1.5% in our model). We expect a leverage peak of 6.5x in 2019 (6.3x excluding leases) and no material decline thereafter given the low EBITDA growth and...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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