reports
- James Ratzer
- James Ratzer
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Engineering Group, PeopleCert, The Very Group, McLaren, Versuni (formerly Philips Domestic Appliances), Eircom, Tele Columbus, Arrow Global, Forgital, Grunenthal, Standard Profil, Ithaca Energy, Cerba, Clarios, NewDay, Alain Afflelou, Intrum, Flos B&B Italia (formerly International Design Group)
- James Ratzer
GERMAN ALTNET UPDATE: What will be the key to success?
Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.
- Ben Rickett
- James Ratzer
TeleColumbus: Deep-dive review Increased conviction in credit upside
We have recently spent a fair amount of time with the TeleColumbus CEO/ CFO to review our longer-term thinking on the business model and we materially increase our value of the business from prior estimates. We come away with the conclusion that the market price on the debt is wrong and believe this is one of the most attractive credit opportunities in Europe at the moment.
- James Ratzer
TeleColumbus Q2 24: Growth drivers on track, but at a slightly higher...
2024 is very much a transition year for TeleColumbus in their TV base, but importantly the core Internet franchise growth remains very strong – and well ahead of Vodafone’s growth rates. This, alongside developments on NetCo/ OpCo we think can be further upside for the bonds, but in the near-term, the cost of managing this transition in 2024 will be slightly more expensive than initially assumed.
- James Ratzer
- James Ratzer
- James Ratzer
German spectrum auction Evidence of pragmatic telecoms regulation
BNetzA’s latest proposal for the German spectrum auction might well now be close to the final outcome, and delays the uncertainty of an auction and potential large cash outflows until 2030 for all German operators. This seems a further example of pragmatic regulation in the European telecoms sector.
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
- James Ratzer
TELECOLUMBUS: Improving Internet adds could offer double upside for cr...
We apologise for sending this out over the weekend, but following yesterday's results and call, we wanted to fully update our model before publishing. In this note, we run through why TeleColumbus’s strong Q4 Internet net adds figures could be doubly good news for creditors, and we publish our updated forecasts, with an updated valuation showing different scenarios for creditors. Their comments on TV and Internet adds are also highly relevant for Vodafone investors.
- James Ratzer
- James Ratzer
TeleColumbus New refinancing plan: Kicking the can down the road to s...
Morgan Stanley (but not United Internet) is coming to the (temporary) rescue with a €300m equity injection. However, this doesn’t look to be enough to us, and using our top-line/ EBITDA forecasts, but the company’s new capex forecasts, they will still run out of money in 2025.
- James Ratzer
Tele Columbus Q2 2023: Still no news on refinancing plans
Tele Columbus reported Q2 results this morning and held a call with analysts. The company continues to lose cable TV subscriber to the new bulk-contract restrictions, but still expects migration rates in the range of 50-60%. Whilst there was no news on the refinancing, the company is about to start talks with lenders and a small (€15m) shareholder loan from Morgan Stanley suggests that the main equity holders are still prepared to contribute additional capital.
- Russell Waller
European Telecoms High Yield Seven new names added: ATCF, Talk, Salt...
As part of our increasing coverage of the High Yield universe, we include new estimates and coverage for seven new names: Digi, Nuuday, Masmovil, Rakuten, Salt, TalkTalk, and Tele Columbus, taking total coverage to 18. As a result, we are now able to benchmark each company against each other, in terms of growth, risk, and asset cover.
- James Ratzer
- Pierre François Merveille
Tele Columbus : Fibre push
Tele Columbus (TC) has started to implement its Fiber Champion strategy in the course of 2021 following the successful takeover of the company by Kublai (MSIP / United Internet) and a subsequent capital raise of € 475m in May 2021. The latter had a positive initial impact on the net leverage (4.9x excluding leases at end-2021 vs 6.3x in 2020), which is set to reverse as a result of investment in opex (personnel and marketing costs) and in capex (upgrade of the HFC network to FTTB...
- Pierre François Merveille
Tele Columbus : Fibre push
Tele Columbus (TC) has started to implement its Fiber Champion strategy in the course of 2021 following the successful takeover of the company by Kublai (MSIP / United Internet) and a subsequent capital raise of € 475m in May 2021. The latter had a positive initial impact on the net leverage (4.9x excluding leases at end-2021 vs 6.3x in 2020), which is set to reverse as a result of investment in opex (personnel and marketing costs) and in capex (upgrade of the HFC network to FTTB...
An unfavourable environment weighs on TELE COLUMBUS, which sees a down...
The independent financial analyst theScreener just requalified the general evaluation of TELE COLUMBUS (DE), active in the Integrated Telecommunications industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date January 18, 2022, the clo...
DGAP-News: Tele Columbus AG: New optical fibre rings connect key netwo...
DGAP-News: Tele Columbus AG / Key word(s): Market Report/Miscellaneous Tele Columbus AG: New optical fibre rings connect key network locations in four German states 22.12.2021 / 10:47 The issuer is solely responsible for the content of this announcement. Press Release Tele Columbus expands internet backbone New optical fibre rings connect key network locations in four German states - Approx. 1,400 kilometres of optical fibre connects additional network locations - Rapid response for capacity adjustments - Technological groundwork for further FTTH expansion Berlin, ...
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