Client call w/ CEO/ CFO/ CTO of TeleColumbus

We will be hosting a call with Markus Oswald, CEO of TeleColumbus, Nicolai Oswald, CFO of TeleColumbus and Michael Frankle, CTO of TeleColumbus.

WHY: Earlier this week, we published a Deep-Dive review on TeleColumbus. In this note, we fully refreshed our longer-term thinking of their FTTH strategy and came away with a far more positive outlook on the longer-term growth - in particular in the wholesale opportunity as they build up a very strong position in the Level 4 FTTH market for German MDUs.

We see TeleColumbus as one of the most attractive credit opportunities in Europe at the moment - with the bonds well covered and with a reasonable equity buffer as well.

This call should also be of interest to Vodafone and DT investors as well: For Vodafone, the performance of TeleColumbus highlights what a successful turnaround of Vodafone's own asset might look like, and for DT, it helps to set the scene for the broader German MDU fibre market.

We are therefore delighted to be hosting the TeleColumbus top management team to explore the story in more detail. The call will be open to Q&A from participants.