Summary: Telenet Group Holding N.V.

Leading provider of broadband and cable TV services in its service area in parts of Belgium, comprising about 3.3 million homes (more than 65% of the national market). High-speed cable network supporting broadband speeds of up 500 megabit per second (mbps), with upgrades to 1 gigabit per second underway. Third-largest mobile operator in Belgium, with a subscriber market share of about 28% (excluding mobile virtual network operators [MVNOs]) after the acquisition of mobile operator BASE, supporting its ability to offer fixed-and-mobile convergence products. Synergies from the BASE acquisition supporting an increase in our adjusted EBITDA margin to 50%-52% over the next 18 months, compared with 46% in 2017. Market saturation and strong competition for TV, broadband, and mobile services from

...Business Risk: Satisfactory Financial Risk: Aggressive + Leading provider of broadband and cable TV services in its service area in parts of Belgium, comprising about 3.3 million homes (more than 65% of the national market). + High-speed cable network supporting broadband speeds of up 500 megabit per second (mbps), with upgrades to 1 gigabit per second underway. + Third-largest mobile operator in Belgium, with a subscriber market share of about 28% (excluding mobile virtual network operators [MVNOs]) after the acquisition of mobile operator BASE, supporting its ability to offer fixed-and-mobile convergence products. + Synergies from the BASE acquisition supporting an increase in our adjusted EBITDA margin to 50%-52% over the next 18 months, compared with 46% in 2017. + Market saturation and strong competition for TV, broadband, and mobile services from other telecom network operators and TV platforms increasingly limiting subscriber growth. + Competition reinforced by tight regulation for...

Summary