New Street Research - Liberty Latin America Ltd (LILA) New Street: Liberty LA (Buy) Q4s: EBITDA beat; Solid FCF guide; Panama carved out and in focus

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New Street Research

Soomit Datta

New Street: Liberty LA (Buy) Q4s: EBITDA beat; Solid FCF guide; Panama carved out and in focus

Liberty LA reported Q4s late on Sunday. Revenue was 2% ahead whilst EBITDA was 3% ahead of consensus (stripping out 2 months of AT&T Puerto Rico - which came onto the books slightly ahead of us - and adjusting for minor one-offs).

01/03/2021 7 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
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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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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New Street: Liberty LA (Buy) Q4s: EBITDA beat; Solid FCF guide; Panama carved out and in focus

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

ACP updated: refining thoughts on the timing of impacts

NSR Policy Quick Take: ACP/Spectrum Mark-Up Pulled

Bible 1Q24: Enterprise IT –Stabilization in legacy, public cloud accelerates further, Gen AI around the corner?

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