New Street: LILA (Buy, TP: $15, +115%) Liberty LA - Deal authorisation in Chile
Liberty LA released an 8K yesterday indicating that authorisation for the Chile JV with AMX has been achieved from the National Economic Prosecutor’s Office; no more authorisations are required. Perhaps most significantly, there are no proposed changes to the JV’s capital structure on inception i.e. no additional equity is being contributed (and we don’t anticipate this happening later either). We highlight 4-5 key slides showing the future Group FCF profile (ex-Chile losses) and how, along with deal synergies, this points to one of the cheapest telcos in the global sector on a levered FCF basis.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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