LILA (Buy, TP: $14, +70%) Liberty LA Q2s Quick Take: Synergies in Panama; No cash into Chile (VTR) through Q2
Liberty LA reported Q2s after close. Numbers were a touch light at revenue, with Puerto Rico wireless still a concern, but strong at EBITDA (5% ahead of us), driven by Panama synergies supporting CWC margins. FCF improved into Q2, allowing for minority dividends, which should help alleviate concern for FY numbers, as should the reiteration of all FY 23 guidance.
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