VirginMedia-O2 Deeper-dive post-results: Path back to 5x leverage unclear
After the Liberty Global results last night (see our take here), we now have the more detailed results from VMO2. With lower than expected FCF guidance, weak on-net subscriber trends, ongoing price competition across the market, cash out for spectrum and ongoing dividend upstreaming, we think the path back to 4-5x leverage could be a challenge. As a result, we remain Underweight on the bonds.
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
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.