CNU is trading at est. EV/RAB of ~1.2x which is like a normal regulated utility, moving forward we believe price increases will become harder post 2023 based on relative affordability, and emerging 5G wireless broadband competition (FWA) could increase fibre churn like it has in US hence with its buy back >90% complete we aren’t fans of the current outlook for CNU.
- We have no interest in CNU around $7.50.
MM is neutral CNU
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