Liberty Global (Buy, $29, +87%) Q3 23 - A teasing outlook for Q4 - both financially and strategically
Liberty Global’s Q3 results have a lot to unpack and a teasing outlook for what is to come in Q4. There are points in there for the bulls (improving UK KPIs; fixed revenue inflection in the Continental markets on the back of price rises helping an overall improvement in service revenues; an acceleration in the buyback and almost all guidance metrics maintained) – but also points for the bears (UK revenue outlook cut from “growth” to “stable” on the back of (we believe) weaker fixed ARPU trends; the UK results including a $48m one-off; weaker KPIs in Continental Europe on the back of the price rises; and a slight slowdown in their mobile service revenues).
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- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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