New Street Research - VIRGIN MEDIA (VMED) VirginMedia-O2 How they can deliver a dividend 50% above consensus

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New Street Research

James Ratzer

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VirginMedia-O2 How they can deliver a dividend >50% above consensus

This morning we now get the (more) detailed earnings release from VMO2 which help to give us better insight into the drivers behind their guidance of a £1.8-2.0bn dividend for 2023, which is >50% ahead of consensus - and also ahead of our £1.6bn estimate.
We undertake a deeper dive into their results and we show how this should still keep leverage at 4.9x – similar to the end of 2022.

23/02/2023 1 EN

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VIRGIN MEDIA

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New Street Research

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James Ratzer

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VirginMedia-O2 How they can deliver a dividend >50% above consensus

VirginMedia-O2 Detailed review - with focus on nexfibre and leverage levels

EU Towers CTIL transaction at markdown multiple

Virgin Media O2: Deeper dive on the disappointing outlook Liberty Global (Buy, $27, +35%), Telefonica (Buy, €4.9, +36%)

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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