Tele Columbus - comment

24Q1 revenue and adjusted EBITDA were in line with our modelling. The cap markets day was last week, and management gave a steer for today’s figures, so there were never likely to be any real shocks in this release. Working Capital inflows were well ahead of our expectations, boosted by an unexpected (to us) EUR27m inflow from payables. Whether this is a secular change or will reverse in the coming quarters is a question for management. Capex was lower than we expected (at EUR46m vs EUR68m forecast), but we believe this was down to the timing of the restructuring. Finally, EUR185m of a €285m Shareholder contribution was paid to the company in the quarter. We will ask about the timing for the other €100m. Investor teleconference is at 1000 GMT today.