New Street Research - Liberty Latin America Ltd (LILA) New Street: Liberty LA (Buy) Q2 Quick Take: Tough as Expected; Equity issuance part funds Costa Rica and future MA

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New Street Research

Soomit Datta

New Street: Liberty LA (Buy) Q2 Quick Take: Tough as Expected; Equity issuance part funds Costa Rica and future M&A

Liberty LA reported Q2s after close on Wednesday. Expectations had taken a material reset after the Q1s in light of the pandemic.

06/08/2020 9 EN

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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
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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: Liberty LA (Buy) Q2 Quick Take: Tough as Expected; Equity issuance part funds Costa Rica and future M&A

Liberty LA (Buy, TP: $13, +50%) Liberty LA - Confidence in FCF grows, buy-back squeezing yield higher

AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) AMX/LILA - Chile shareholder loans: Still no positive Equity value, AMX set to take control

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

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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