EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Telenet (TNET BB) Belgium

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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