EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Telenet (TNET BB) Belgium

Communications

Arete Research

Two for the price of one - TNET’s 66.8% / 100% equity stakes in NetCo / ServCo are each worth more than the current M/Cap. Investors are more than discounting retail broadband competition / No. 4 mobile entrant risks. Opportunities for ServCo include Wallonia expansion, B2B, plus numerous initiatives (e.g. AI) to continue driving down market leading churn. Compares the situation to Telecom New Zealand, which conducted a similar split in 2011 with both units re-rating to double digit EBITDA multiples. Meanwhile, investors are being paid to wait with >7% dividend yield. TP €30 (100%+ upside).

Edition: 147

- 28 October, 2022