New Street Research - Liberty Global plc LiLAC (LILAB) ... New Street: Liberty LA (Buy) - Revenue and EBITDA beat, FY 2020 guidance

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New Street Research

Soomit Datta

EUR 1166.80 For Business Accounts Only

New Street: Liberty LA (Buy) - Revenue and EBITDA beat, FY 2020 guidance

Liberty LA reported Q4 numbers after close on Wednesday. Revenue was 1% ahead and EBITDA was 2% ahead of expectations, once adjusting for $15-20m of net one-off OCF gains at CWC.

20/02/2020 4 EN

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Liberty Global plc LiLAC

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LiLAC B

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LiLAC C

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New Street Research

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:

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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Having published a couple of days ago and highlighted T-Mobile’s early-March FWA launch in Puerto Rico we want to clarify what may be an important nuance – Liberty PR cut prices not immediately following the early March FWA launch, as we first understood, but rather had cut toward the end of last year (October) on digital channels only. As such the FWA launch prices are approximate to Liberty’s digital offers (a small discount), Liberty hasn’t needed to respond thus far, and while we still see some competitive risk (and keep our softened growth outlook on fixed in PR), default to our view that...

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New Street: Liberty LA (Buy) - Revenue and EBITDA beat, FY 2020 guidance

Liberty LA (Buy, TP: $13, +110%) Liberty LA - T-Mobile FWA in Puerto Rico: clarification on pricing

LILA US (Buy, TP: $13, +102%) Call with CFO Chris Noyes / T-Mobile FWA in Puerto Rico

LILA US (Buy, TP: $14, +110%) Liberty LA Q4s - Unpicking the $1 billion FCF guide

Charter Model Update

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

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