Liberty Global (Neutral) VMO2, VodafoneZiggo, Telenet (Underweight) Q1 25: VMO2 and VodafoneZiggo weakness
The weaker broadband adds at VMO2 reported this morning were only half the story. With the full Liberty Global results, there has also been a material guidance reduction for VodafoneZiggo. We addressed the VMO2 numbers in more detailed in our earlier note here – and now in this note we do a more detailed dive into VodafoneZiggo and how leverage trends could develop over the next few years based on the new guidance and the potential tower sale.
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