Leading provider of broadband and cable TV services in its service area in Belgium. Solid EBITDA growth potential through continued uptake of profitable bundled services--cable television, broadband, and fixed-line and mobile telephony. Strong network capabilities and scalable infrastructure. Enhanced value proposition in fixed-and-mobile convergence products after the acquisition of BASE Company N.V. (BASE). Ongoing strong competition for broadband and telephony services from fixed-line and mobile network operators. Potentially intensification of competition from the introduction of cable wholesale regulation. High Standard&Poor's-adjusted leverage ratios due to the aggressive financial policy of Telenet's majority owner Liberty Global PLC. Robust operating cash flow generation, partly offset by sizable interest payments and capital expenditures. Meaningful integration costs in connection with the BASE acquisition.
