VodafoneZiggo 3Q17 - Weak results but FY17 EBITDA guidance slightly revised up
VodafoneZiggo, the #2 telecom operator in the Netherlands, reported relatively weak 3Q17 preliminary results but revised up its EBITDA guidance for FY17. Revenue was down by 5.2% to €999m while EBITDA declined by 4% to €447m i.e. a 44.7% margin (+70bps yoy).
In consumer cable (53.3% of total revenue), VodafoneZiggo confirmed the stabilization of its topline thanks to higher ARPU on the back of price increase and higher RGUs per customer. However, it continued to underperform its main competitor KPN when it comes to customers net adds, losing 15k customers qoq giving a total of 92k yoy vs. +27k and -56k respectively for KPN. In consumer mobile (22% of total revenue), against a backdrop of fierce competition, performance was particularly weak with revenue dropping by 11.6% to €216m.
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