EBITDA had positive growth YoY for the first time in a decade and the margin profile is changing. It's hard to argue with execution.
Hi Michael,
you assume $3B of EBITDA on 10M passings and 45% penetration ($665/sub). Using current $64 ARPU, that means 87% EBITDA margin. 2023 EBITDA margin was 44%.
(Or, using 44% EBITDA margin means doubling their ARPU to achieve $3B of EBITDA.)
It doesn't seem realistic or does it?
Hi Michael,
you assume $3B of EBITDA on 10M passings and 45% penetration ($665/sub). Using current $64 ARPU, that means 87% EBITDA margin. 2023 EBITDA margin was 44%.
(Or, using 44% EBITDA margin means doubling their ARPU to achieve $3B of EBITDA.)
It doesn't seem realistic or does it?