Was doing some work on the company, as it came across my radar as one of the portfolio companies of Acacia Partners - which is an extremely reputed long term player, who I have great regard for.
The very nature of the industry it operates means
a) It will be a high capex business
b) growth has to come through consolidation
To me, one of the biggest concerns is its ability to realize cash flows - while its core advantage vs the MSOs has been to own the customers, which is what they claim. To me, the business is at a transitionary stage as their cost of capital is in the mid teens, in secured form ( not cheap). They have a fairly high debt servicing coming up in the next 1 year. I am unable to think about triggers which can help them service their debt, through their current health of the balance sheet. If they can bring their receivables down, the business has a significant operational leverage working in its favour.
I am staying away from comparing it, to its peers as thats a futile exercise to make an investment case for a company ( as there are a few company specific issues we are dealing with here). Certainly seems a worthwhile company to monitor over the next 1-2 quarters