New Street Research - Liberty Global plc LiLAC (LILAB) New Street: Liberty LA (Buy, TP: $15, +83%) Liberty Latin America (Buy): Chile out of numbers, FCF update following Q3s

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New Street Research

Eduardo Henrique Gomes ...

Soomit Datta

EUR 9179.00 For Business Accounts Only

New Street: Liberty LA (Buy, TP: $15, +83%) Liberty Latin America (Buy): Chile out of numbers, FCF update following Q3s

Following last week’s Q3s we have updated our model to exclude Chile from consolidated estimates. The removal of significant interest charges in Chile (and ~zero OpFCF) is a key driver of the expansion of FCF into 2023 and we include a couple of waterfall charts to highlight what drives FCF expansion through 2023 and 2024; we are a touch ahead of consensus we believe, perhaps due to timing synergy assumptions.

15/11/2022 1 EN

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Liberty Global plc LiLAC

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New Street Research

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Analysts

Eduardo Henrique Gomes

Soomit Datta

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New Street: Liberty LA (Buy, TP: $15, +83%) Liberty Latin America (Buy): Chile out of numbers, FCF update following Q3s

Liberty LA (Buy, TP: $13, +60%) Q1 24 - Tough optics in Q1, but PR EBTDA reiterated and turbo-charged buy back

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

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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