LIBERTY GLOBAL (Neutral, $10, +2%) / VMO2 (Underweight) Review: The tough fundamentals vs. the potential optionality (Target from $16 to $10)
This week we turn our attention to VMO2 and reduce our estimates on the back of a more negative outlook for customer growth and concerns of rising churn. This impacts both Liberty Global's equity value, TopCo cash balance and our forecasts for share buybacks.
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.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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