Cityfibre 2025 results Rational support for the whole market

XLast month, Cityfibre reported a sharp acceleration in its net add run rate due to its new deal with Sky – and a clear indication that Sky now intends to put all of its new FTTP customers in Cityfibre’s footprint on the Cityfibre network.

Liberty Global - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Tele Columbus, Liberty Global, THOM Europe, Allwyn (formerly Sazka), Wagamama

Liberty Global (Neutral, $11.6, +13%) Liberty Global to acquire Hutch...

The FT is reporting that CK Hutchison is in talks to sell its Irish business to Liberty Global. In this Quick Take we examine this in more detail.

Liberty Global (Neutral, $11.6, +9%) Looking ahead to Q4 results

We recently caught up with Liberty Global ahead of their upcoming Q4 results on February 18th. In this short note, we run through our key thoughts.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Liberty Global, Fedrigoni, Oriflame, Synthomer, AMS Osram, Tele Columbus

Liberty Global (Neutral, $11.5, +5%) CFO call feedback – new M&A optio...

We attended a call yesterday with Charlie Bracken, Liberty Global CFO. This gave some new insights into some of their next potential M&A moves and how the spin (or really a private market sale) might play out.

BT (Neutral, 220p, +19%) H1 26: Let’s focus on Starlink & Openreach

Financial and KPI results were broadly in line with expectations and all financial guidance has been reiterated. Therefore, in this note we focus more on two specific angles – 1) How to digest the Openreach line losses and why FY26 might not be “peak line losses” and 2) What to make of the new Starlink deal announced, which we think could have interesting longer-term implications.

TalkTalk (Neutral) H1 review – New outlook, new model

TalkTalk’s H1 results show that customer momentum remains a challenge for them given the price competitive nature of the UK market which allow customers to switch with more ease than in the past. Working capital outflow has also been higher than expected.

Cityfibre up, Openreach down Better visibility on Sky deal drives CF...

XLast month, Cityfibre reported a sharp acceleration in its net add run rate due to its new deal with Sky – and a clear indication that Sky now intends to put all of its new FTTP customers in Cityfibre’s footprint on the Cityfibre network.

Liberty Global - Earnings Flash - Q3 FY 2025 Results - Lucror Analytic...

Liberty Global has reported weak Q3/25 results, with revenues for consolidated entities up 1.0% in reported terms to USD 1.21 bn, and adjusted EBITDA declining 5.7% in rebased terms to USD 337 mn. We are particularly concerned about the continued reduction in the subscriber base. In our opinion, market conditions remain very difficult in many of the group's markets, and we expect little improvement in the conditions until the altnet consolidation starts in earnest.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Intrum, Liberty Global, Iliad, International Personal Finance, Nissan Motor, Borr Drilling, Seche Environnement, Adler Pelzer, Ontex, Nomad Foods (Iglo), Paragon, Boparan, Ineos Quattro

Liberty Global (Neutral, $11.5, +2%) Was $10.5 There are better op...

Liberty Global’s Q3 results contained no new strategic announcements – and this suggests none might be forthcoming next Tuesday at Telefonica’s CMD either with regard to VMO2, which we think is concerning for the credit outlook at that business.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Aston Martin, Ahlstrom, International Personal Finance, Liberty Global, Constellium, Selecta, Victoria, Assemblin

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Liberty Global, Banijay, evoke, CEMEX, Ardagh, Nomad Foods (Iglo), Versuni, Boparan, Ontex, Intrum, International Personal Finance, Ineos, Nissan Motor

Europe HY Trade Book - Media & Communications - Lucror Analytics

The Europe HY Trade Book - Media & Communications includes current trade recommendations drawn from our European HY media & communications coverage universe, along with relative-value scatter plots and a peer table. 

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: MasOrange, Victoria, Ardagh Metal Beverage Packaging, Verisure, Playtech, Liberty Global, Crown Holdings, Softbank Group, evoke, Nomad Foods (Iglo)

UK consolidation Should VMO2 consider shutting down its HFC network?

Two of the most common questions we get asked at the moment are: 1) How will the UK broadband market consolidate?, and 2) What can VMO2 do to turn around their performance? We believe an interesting answer to both of these questions could be for VMO2 to consider shutting down their HFC network and moving to wholebuy Openreach’s FTTH network. This could be both value accretive for VMO2 and BT – and allow for a more rational UK market structure. In this thought-piece, we explore further how this...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice France (SFR), Liberty Global, Virgin Media O2, Tata Motors, Sammontana Italia

CityFibre Q3: Significant customer acceleration with Sky launch & BT ...

CityFibre has just released a Q3 trading update which highlights the acceleration in customer volumes that they are seeing with Sky – and this is likely to put incremental pressure on BT, especially if momentum accelerates further in Q4 which we think could be likely.