Virgin Media O2: Deeper dive on the disappointing outlook Liberty Global (Buy, $27, +35%), Telefonica (Buy, €4.9, +36%)
After the initial results out from Liberty Global last night, we get more detailed results this morning from VMO2, so we are able to further analyse the disappointing guidance given for VMO2 which implies a higher cost base than previously expected to support the current revenue trajectory. In this note, we dive deeper into the implications of this and what it means for Liberty Global and Telefonica.
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