Tele Columbus - Alternative Recap Scenario - Model Update

So are 32c/€ attractive now? It’s certainly a fluid situation. To find the right entry point, we have revisited Tele Columbus as its Capital Structure Optimisation process gathers pace.  The early-2027 deadline is approaching, the bonds are trading into the mid-thirties, and we see fresh figures on potential new money. We examine what a recapitalisation could look like for key stakeholders under a further scenario for the process. Our analysis considers the impact on key fundamentals of the business: where EBITDA resilience holds, where it does not, and what the paths to an exit imply for recoveries at current prices and negotiating positions today. We stress-test whether broadband penetration covers the TV decline, what that implies for the cost base, and whether the quantum of new money being discussed is sufficient.