- Telenet Group Holding NV (TLGHF) is a market-leading converged telecom operator in Belgium and the largest provider of cable services in the country.
- Telenet trades at a bargain price of 6.6x EV/EBITDA or a ~9% dividend yield (double that of peers which trade at a ~4.5% yield).
- The dividend is safe as the controlling shareholder relies on Telenet’s dividend to service its debt obligations.
- Based on re-rating closer to comparables, I target a share price of €45 (39% upside, plus ~9% dividend yield).
For further details see:
Telenet: Buy For The Rock-Solid Dividend Yield And Nearly 40% Upside