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KDG worth Â6.6bn, says bank
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German cable operator Kabel Deutschland is worth up to Â6.6bn 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 Â4bn of this value is from equity capital, while the remainder amounts to debt of around Â3bn. 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 Â23.1m net profit in the first nine months of fiscal 2010 compared to a Â49m loss last year. Revenue was also up 9.3% to Â1.11bn.
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