LILA US (Buy, TP: $14, +110%) Liberty LA Q4s - Unpicking the $1 billion FCF guide
Liberty LA numbers last night were in-line, a mix of very weak Puerto Rico and very strong profitability in the Caribbean and Panama. We think most focus, however, will be on the new FCF guide (2024-26) - breaking from a 1-year outlook - which we attempt to break down in this note. It feels achievable and is only a touch below our existing estimates once we adjust for the refinancing assumption (for the 2027-29 debt stack) embedded in the guide.
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- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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