Bredband2 continues to reap cost synergies from the merger with A3, and we expect these activities to finish in Q4. In 2022, we expect the company to increase its marketing activities, which in turn will render improved organic growth rates (6% in ‘22e, vs. 3% in ‘21e). Owing to its scalable business model, we forecast adj. EBITDA to grow 23% y-o-y in 2022. On our new estimates, Bredband2’s share is offering lease adj. FCF yields for ’21-’23 of 4-7%.
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