Report
Allan C. Nichols
EUR 101.80 For Business Accounts Only

Liberty Global closes the merger of its Dutch business with Vodafone's Dutch business.

Liberty Global reported slightly weak first-quarter results, but we are maintaining our fair value estimate for now, along with our narrow moat rating. We believe the shares are slightly undervalued. The firm’s reported revenue declined 18%, versus our full-year projection of a drop of 16.1%, primarily because of the deconsolidation of Ziggo in the Netherlands, following the creation of its joint venture with Vodafone in the country. Excluding the removal of Ziggo, Liberty Global’s revenue incre...
Underlying
Liberty Global Plc Class A

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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