Liberty Global Reported Mixed 4Q Results with Good Revenue and Margins, but Weak Free Cash Flow
Liberty Global reported good fourth-quarter revenue and EBITDA margins, but weak free cash flow. We are maintaining our fair value estimate at $38 per share and our narrow moat rating, and believe the shares are slightly undervalued. The firm reported revenue growth of 2.9% year over year on an organic basis, which limited full-year revenue decline to 12.9% versus our projection of 13.9%. The decline is due to the deconsolidation of its Dutch operations after merging with Vodafone’s assets in th...
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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.
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