The 2025 FY results are in line with our forecasts, which we believe were lower than market expectations. As a result, the bonds will be a
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0% of Tele Columbus’ SSN holders signing up to the creditor co-op agreement is a positive for the bonds. Tele Columbus is close enough to the
Read MoreThe SSNs will be marked lower after news from Debt Wire that a majority of creditors in the Bank debt and the SSNs have signed a
Read MoreThe new CEO has a big job ahead of him. The take-up of new fibre services has been slower than hoped, and Tele Columbus has
Read MoreMarkus Oswald is leaving his job as CEO of Tele Columbus after only three years, without a successor in place. He has overseen the
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Revenue was in line with our model, and whilst reported EBITDA was ahead, driven by the absence of one-offs. The take-up of new, faster
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Partnering with a wholesale fibre provider will help manage the costs of the FTTH rollout in Berlin, so this is a small credit positive.
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The numbers point to some progress in adding customers, with 2025 guidance pointing to additional, if slow, progress. The company forecasts flat revenue in
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TC will need to start adding premium TV and Fibre customers quickly over the next few quarters to stay on track, but so far the revenue fall is
Read MoreThe EU court rejecting a challenge to the Vodafone acquisition of Cable assets 6 years ago was always the likely outcome. DT’s re-emergence as
Read MoreThe Q3 6.2% loss of TV customers from MDUs at Vodafone (Germany) can be applied to TC. The drop is sharp, but the downward slope from
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Q2 24 revenue aligned with our forecasts with OCF €20m below our forecast of €155m. TV RGU losses and Broadband adds were in
Read MoreFrom today, the bundling of TV fees into rent has been abolished. The suppliers have been aware since 2021, but from now we will see how ready the
Read MoreUnited Internet (UI) potentially suing Morgan Stanley (MS) over its valuation of Tele Columbus (TC) should not distract management as they will still get the
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24Q1 revenue and adjusted EBITDA were in line with our modelling. The cap markets day was last week, and management gave a steer for today’s figures, so there were
Read MoreHaving completed its restructuring transaction, Tele Columbus (TC) can now focus on its fibre roll-out. We are still sceptical about whether TC will
Read MoreThe English law Scheme of Arrangement (SoA) is the next step in the Tele Columbus restructuring. The Practice Statement has been published, and the
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