New Street Research - Liberty Global plc Cl B (LBTYB) ... New Street: Liberty LA (Buy): Pandemic Pains; Refresh on the Bull Case

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New Street Research

Soomit Datta

New Street: Liberty LA (Buy): Pandemic Pains; Refresh on the Bull Case

While we thought that management was pretty upbeat at the Q1s, this seems more driven by the ability to take cost out of CWC.

20/05/2020 14 EN

Underlyings

Liberty Global plc Cl B

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GB00B8W67779 NASDAQ Stock Market United States

Liberty Global Plc Class A

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GB00B8W67662 NASDAQ Stock Market United States

Liberty Global plc LiLAC

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Liberty Latin America Ltd

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: Liberty LA (Buy): Pandemic Pains; Refresh on the Bull Case

Liberty LA (Buy, TP: $13, +50%) Liberty LA - Confidence in FCF grows, buy-back squeezing yield higher

Liberty LA (Buy, TP: $13, +60%) Q1 24 - Tough optics in Q1, but PR EBTDA reiterated and turbo-charged buy back

Liberty LA (Buy, TP: $13, +110%) Liberty LA - T-Mobile FWA in Puerto Rico: clarification on pricing

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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