New Street Research - Liberty Global Plc Class C (LBTYK) New Street: Liberty Global (Buy, $44, +52%) Q4 21: Strong VMO2 performance, but cashflow guide is complicated

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New Street Research

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: Liberty Global (Buy, $44, +52%) Q4 21: Strong VMO2 performance, but cashflow guide is complicated

Liberty Global has reported a strong set of Q4 results buoyed by excellent KPIs at VMO2 and strong financial performance at VodafoneZiggo. Buyback volumes exceeded expectations. The 2022 guidance optically looks fantastic with FCF of $1.7bn well ahead of consensus at $1.45bn and this could support better than expected buybacks in 2022.

18/02/2022 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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Analysts

James Ratzer

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New Street: Liberty Global (Buy, $44, +52%) Q4 21: Strong VMO2 performance, but cashflow guide is complicated

Liberty Global Ltd: 1 director

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

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

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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