Liberty LA (Buy, TP: $13, +60%) Q1 24 - Tough optics in Q1, but PR EBTDA reiterated and turbo-charged buy back
Liberty LA Q1 24 was always going to be a difficult print and we saw this in the Puerto Rico numbers, with revenue hit by much lower equipment sales (lower commercial efforts) and EBITDA by even higher than expected integration costs. With that said, the integration has now been completed, and a “restored” PR monthly EBITDA guide of $45m has been reiterated for during H2 ($23m in Q1) which with integration eliminated, the TSA almost entirely falling away, cost savings (10% headcount reduction) and commercial momentum recovery management believes it can bridge to.
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