New Street Research - Liberty Latin America Ltd (LILA) LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2023

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New Street Research

Soomit Datta

EUR 9617.00 For Business Accounts Only

LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2023

Liberty LA reported Q1s after close. Numbers were in-line at revenue and a touch ahead of us at EBITDA, with a slight sequential recovery in Puerto Rico margins and better profitability in Costa Rica offsetting (ongoing) weakness in Panama.

09/05/2023 1 EN

Underlying

Liberty Latin America Ltd

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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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2023

LatAm Telcos – TIM/Vivo to Neutral; Wireless MVNO threats - NuCel / Brazil macro

Liberty LA (BUY, TP: $11, +61%) Liberty LA (BUY) - Puerto Rico: LILA equity risk overstated / CFO call feedbackx

Liberty LA (Buy, TP: $13, +45%) cements Chile exit, longer road for AMX (Buy, TP: $22 (from $24), +40%) ClaroVTR model update

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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