New Street Research - Liberty Global Plc Class C (LBTYK) Liberty Global (Neutral, $24, +24%) Q2 24: Deeper dive on VMO2 results and Telenet FTTH deal

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New Street Research

James Ratzer

EUR 9326.00 For Business Accounts Only

Liberty Global (Neutral, $24, +24%) Q2 24: Deeper dive on VMO2 results and Telenet FTTH deal

As Liberty Global continues its transitional journey, we see two key areas of focus from the recent announcements, where we dig deeper in this note - the newly announced Belgian FTTH network sharing arrangement, and the VMO2 results & outlook.

26/07/2024 1 EN

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Liberty Global Plc Class C

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GB00B8W67B19 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

James Ratzer

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Liberty Global (Neutral, $24, +24%) Q2 24: Deeper dive on VMO2 results and Telenet FTTH deal

Liberty Global (Neutral, $23, +8%) Record low service revenue trends a headwind to value creation

Liberty Global Ltd: 1 director

Liberty Global (Neutral, $23, +16%) Sunrise CMD feedback and Liberty Global impact: Quick Take

TTD 3Q24 Model Update (Sell, target declines to $85 from $86) High-end of valuation range + high probability 2025 revenue consensus too high

Pinterest (PINS, Buy, $47 target) 3Q24 Model Update (Buy, target declines to $47 from $50)

NEXI Q3 (Neutral, TP: EUR7.2, +24%)/ Euro Payments wrap; Legacy limping, contrasting growth matrices (ADYEN/WLN) WLN (Neutral, TP: EUR8.5, +32%) ADYEN (BUY, TP: EUR1,700, +33%)

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