Telenet : FY20 results just in line, but 2021 guidance below consensus
>Revenues and adjusted EBITDAaL flat, but OpFCF below expectations - Telenet reported its FY20 results which met all metrics it guided on. Group revenues came in at EUR 2,572m (consensus EUR 2,573m, we were at EUR 2,571m, broadly flat) while adjusted EBITDAaL was flat as well at EUR 1,378m, in between consensus (EUR 1,374m) and our forecast (EUR 1,381m). Capex was up 7% in FY20 (EUR 591m, which was more than anticipated with consensus at EUR 544m), and as a result Op...Telenet Group Holding is a holding company. Through its subsdiairies and its broadband network, Co. is engaged in the provision of cable television, including television services, broadband internet and telephony services to residential subscribers in Flanders and certain communes in Brussels as well as broadband internet, data and voice services in the business market throughout Belgium and parts of Luxembourg. In addition, Co. is engaged in the provision of mobile telephony services through a mobile virtual network operator partnership with Mobistar NV.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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