KDG worth €6.6bn, says bank

German cable operator Kabel Deutschland is worth up to €6.6bn ahead of its planned float, according to investment bankers Deutsche Bank.

The analysts have compiled a pre-IPO study after the cabler, which has 8.9 million subscribers, announced plans to float its shares on the open market. Deutsche Bank estimated that up to €4bn of this value is from equity capital, while the remainder amounts to debt of around €3bn. KDG announced its IPO plans last week, which will also make shares of private equity investor Providence Equity, which owns 88% of the company, available.

KDG’s latest financial report shows that it posted a €23.1m net profit in the first nine months of fiscal 2010 compared to a €49m loss last year. Revenue was also up 9.3% to €1.11bn.