reports
- 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
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.