Debt/ebitda is improving.
Sorry for a late response, and also for the ambiguous claim. The debt ratio has improved over the last quarters, but deteriorated against the merger projections, benchmarked at 3.7x (including synergies) as the start of a deleveraging trajectory. Plus there were talks about industry consolidation and improved pricing. Instead, two years after those projections, CTL is at 4.1x with synergies almost fully captured, and the price curve is downward sloping with cable eating away parts of the fibre pie. As operators, this leaves almost no room for execution mistakes (e.g., the christmas shutdown). On the other hand, as shareholders, the stock price leaves a lot of room for positive surprises.
BTW, in Moody's report from December, adjusted EBITDA is strangely at 4.6x. Can any of you guys explain this figure?
Looking forward to Wednesday's results and call.