Liberty Global's Revenue Growth Rate Picks Up in 3Q; Shares Undervalued
Liberty Global reported third-quarter revenue that was a bit better than our expectation. Reported revenue grew 3% year over year on a comparable basis, or down 10.1% including the deconsolidation of Ziggo in the Netherlands after its merger with Vodafone’s Dutch business, versus our full-year projection of a 16.7% decline. Through nine months reported revenue is down 15.4%, closer to our estimate. We are maintaining our $38 fair value estimate and narrow moat rating and believe the shares are u...
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