UNTERFÖHRING (Dow Jones) – With Cables Germany is a market candidate before the step again Trading floor, which has been estimated by the German bank has a Has enterprise value of up to 6.6 billion euros. (Photo: KDG)
After own Details largest cable operators in Germany have currently preparing a Business value from 5.7 billion to 6.6 billion EUR, write the analysts Deutsche Bank in a recent study in advance of the forthcoming IPO. Dow Jones Newswires was in in the analysis Take extracts insight. Cables
The equity value as part of the company’s value is while according to estimates by Deutsche Bank 3,1 Mrd until 4,0 billion. The Net current liabilities of the Group amounted to approximately EUR 3 billion. For the calculation of corporate value and share, the analysts for the Calendar year 2010, the 8.2-fold and 9.4-fold before the outcome Interest, taxes, depreciation and amortization (EBITDA) to.
Thus they provide the value of cable Germany compared to the Belgian Telenet with a Premium surcharge, Telenet is simply a multiple of 7.0 traded. The reasons for the premium market with Observer "attractive growth prospects" of the German cable company.
The market operates in the cable, Germany, is attractive and underdeveloped, he offers Potential for revenue growth and increased cash flow by selling additional facilities in the fields of television, telephone and Internet.
If the company reach its medium-term objectives and the Revenue per customer over the next five years to $ 20 per month increased from 12,30 EUR least the end of 2009 could say, then at this time sales at an average annual growth rate of 9% possible. EBITDA would grow annually by 13%, the operating 21% increase in free cash flow are possible, according to the study further.
Cable Germany, based in Unterfoehring near Munich had on Tuesday his plans for an IPO made public. The owners have are therefore opted for an IPO with a listing in Frankfurt.
Are still unclear when and the exact volume of the IPO. Kabel, Germany had only stated that only shares from the property of the existing shareholder will be sold. Majority Ownership is at 88% of the financial investor, Providence Equity Partners.
Should be brought to the stock market still in a Cable Company converted Germany Holding GmbH, the parent company of cable Germany GmbH
Providence Equity interest for several Subsidiaries held an auction and, according informed circles five commandments of volume from 5 billion to 5.5 billion EUR preserved. According to the informants chose Providence Equity in the end for the IPO, to the further growth of Cable to be able to benefit Germany.
For the IPO are Morgan Stanley, the German bank, UBS and JP Morgan hired as a consultant, had several of the Transaction, people familiar said.
DJG / phg / mak / smh