reports
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- James Ratzer
FiberCop (Underweight) H1 25: Pressure on core business continues
FiberCop has reported H1 results and provided expectations for 2025 for the first time. Whilst KPI losses continue at the same rate as H2 (albeit worse than H1 2024), the financials are worse (EBITDA AL now expected to be down c.-6% in 2025). Given the deteriorating asset cover and relatively light covenants, we continue to argue that current bond yields do not reflect the risks
- Haidje Rustau
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Ben Rickett
- James Ratzer
FiberCop (Underweight) Higher capex puts leverage under pressure
FiberCop has recently provided a new financial outlook out to 2029 and higher than expected capex levels will put further pressure on near-term cashflow and leverage levels. We now expect FiberCop to generate 2024-2028 OpFCFaL of -€2.4bn, compared to our previous estimate -€1.5bn – and this compares to Telecom Italia’s 2022 guidance before the sale process started that it would generate +€2.4bn of OpFCF over that time, ie a €4.8bn difference on a debt stack of €9bn. In this note, we run through ...
- Ben Rickett
- James Ratzer
FIBERCOP (U/W): Higher capex and worse line losses
Having reported preliminary headline 2024 numbers back in February (discussed here), FiberCop has today published more details – and in this note, we increase our leverage estimates to reflect higher than expected capex, and also better FTTH take-up at their competitor, OpenFiber.
- Ben Rickett
- James Ratzer
FIBERCOP (Underweight): 2024 preliminary results - higher capex outlay
FiberCop has released preliminary 2024 results – and this follows our initiation of coverage earlier this week. In this brief note, we run through the (very) few data points disclosed, with higher capex than expected, and thoughts on feedback from the initiation.
- Ben Rickett
- James Ratzer
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