Midcontinent Communications

Overview Key strengths Key risks Well-run cable operator capable of delivering 1 gigabit per second (Gbps) internet speeds in nearly all of its markets. Increasing competition from local telcos that are aggressively building out fiber-to-the-home (FTTH) services. Favorable programming agreement with Comcast Corp. Competition from wireless players offering fixed wireless access (FWA) broadband services could limit net adds from digital subscriber lines (DSL) over the near to intermediate term. Good revenue visibility from increased demand for high-margin broadband. Potential for debt-financed mergers and acquisitions that could increase leverage above 4x. High industry barriers to entry given capital spending requirements and rights of way. We expect Midco's subscriber base will organically expand 0%-1% in 2024, lower than our previous estimate of

... price increases and modest subscriber growth will translate to 2%-4% data revenue growth in 2024. We expect Midco's subscriber base will organically expand 0%-1% in 2024, lower than our previous estimate of 2%-3%, driven...

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