Value creation across the portfolio, not one campaign at a time.
Diligence support, a repeatable growth playbook, and reporting a committee will accept.
The build got funded on a take-rate assumption nobody has stress-tested.
Capital went in against a model with a penetration curve in it. That curve assumed a marketing and sales machine that, in most cases, has never been examined at the level of detail the construction plan received.
We look at whether the number is achievable with the commercial system that actually exists. Is the passings count using the strict definition or the flattering one? How much of the forecast rests on MDU units behind unsigned access agreements? Does the buy flow convert, or does it leak at the serviceability step? Is CAC by channel knowable, or only blended?
A passing that overbuilds another fiber provider — or gets overbuilt — is worth roughly half one only you can serve. That is a permanent haircut on enterprise value for every home in the affected footprint, and it belongs at the front of market selection rather than in a footnote.
Three points in the hold period.
Commercial diligence
Before the deal: passings and RFI reconciliation, MDU exposure, buy-flow teardown, channel CAC disaggregation and competitive overlay. What the model assumes versus what the machine can deliver.
Value creation in the hold
After close: the growth operating system installed across the platform, with the same definitions and reporting in every market so results are comparable.
Portfolio-wide playbook
Across holdings: one playbook, built once and applied to each operator, so the second and third acquisitions do not repeat the first one's learning curve.