Tele Columbus - comment
The 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 reduced the pace of roll-out to preserve cash. Leuthe is a cable guy and was at Unitymedia in the past, so he has a background in consumer media. The strategy isn’t going to change. We have been sceptical about the rollout plans since the debt rescheduling, and nothing so far has changed our opinion. For now, Tele Columbus has liquidity. The date for the Q4 results has not yet been announced, and we will update our model after publication.