Kabel Deutschland IPO

20 July 2010

Kabel Deutschland, being floated on 22 March, has a credible track record of profitable growth and some upside potential to lure investors

Rising broadband and telephony take-up should more than offset basic cable TV erosion, delivering a CAGR of 7% in revenues, and a threefold rise in cash flow to €578 million by FY2015, according to our model

Downside risks include Kabel Deutschland’s high debt and the intense competition for the triple play customer being waged by Deutsche Telekom

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