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Research Brief

Ziggo IPO could target a EUR 7.3 billion valuation

, published: October 2010
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Ziggo is the largest cable network operator on the Dutch market. It is the result of a three-way merger, led by shareholders Warburg Pincus and Cinven. They paid a total of EUR 5.6 billion, including external debt, which turned the holding company (Zesko) into a highly leveraged entity. Both at Ziggo and Zesko the net debt/EBITDA ratio is improving. Based on a comparison of multiples at listed peers, we suggest a possible enterprise value of EUR 7.3 billion, which would produce a return of roughly 23 percent per annum (CAGR) for the current shareholders. In this Research Brief, we take a closer look at the company's balance sheet and valuation and lay out the implications for a possible IPO.

Specifications

Research Type Analysis
Published 19 Oct 2010
Pages 8
File Type PDF
Size 96kb
Geographic Scope    Netherlands
Editions Broadcast, Fixed, Internet
Topics Corporate strategy, Financial funding, Sales figures, Financial reports / forecasts, Television, VoIP, Fibre, Cable, Internet Access, Broadcast, Enterprise
Companies Zesko, Ziggo

Add to cart
€ 495



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