New Street Research - VIRGIN MEDIA (VMED) VirginMediaO2 Deeper dive on the Q3 results

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New Street Research

James Ratzer

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VirginMediaO2 Deeper dive on the Q3 results

After the main set of results from Liberty Global last night, we now get the full set of results from VMO2, which include some encouraging signs in their fixed-line business. In this note, we assess the details, what is still needed in Q4 and also thoughts on their CTIL tower sale and how they keep to 5x leverage this year.

01/11/2023 1 EN

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VIRGIN MEDIA

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James Ratzer

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VirginMediaO2 Deeper dive on the Q3 results

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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