New Street: LILA (Buy, TP: $17, +30%) Liberty LA - Q3 Quick Take: Underlying EBITDA miss, Mobile in PR volatile, FCF robust
Liberty LA reported Q3s after close. Adjusting out for the acquisition of Costa Rica (which contributed more than we expected), revenue missed by 1% and EBITDA missed by 2.5%. The small miss was a combination of the former AT&T wireless business in PR (Liberty Mobile) slowing dramatically (even more than anticipated) and with a much lower underlying EBITDA margin (almost a 10pp swing from Q2).
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