Leading provider of broadband and cable TV services in its service area in parts of Belgium. Well-invested, high-speed broadband network. Enhanced market position in mobile and improved ability to offer fixed-and-mobile convergence products after the BASE acquisition. Good profitability in Telenet's fixed-line business, but margins diluted in the near term by its increased mobile operations. Ongoing strong competition for broadband and telephony services from fixed-line and mobile network operators. Entry of new competitors based on regulated access to Telenet's cable network. Majority owner Liberty Global PLC's aggressive financial policies for Telenet. Robust operating cash flow generation, partly offset by sizable capital expenditures (capex) and interest payments. Free operating cash flow (FOCF) burdened by substantial integration costs in connection with BASE.
