reports
- James Ratzer
- Haidje Rustau
Liberty Global - Earnings Flash - Q3 FY 2024 Results - Lucror Analytic...
Liberty Global (LG) has reported its consolidated Q3/24 results and held an earnings call. The Q3 revenue figures were in line with our expectations, while EBITDA exceeded our forecasts. Top-line pressures continued, but cash-flow development was solid overall and liquidity remained very strong. We expect the group to continue using large share buybacks as a means to return cash to shareholders.
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Lottomatica (formerly Gamenet), Rexel, Nexans, Liberty Global, Sunrise, Aston Martin, Techem, Synlab, evoke (formerly 888 Holdings), Boparan, Borr Drilling, PureGym
- James Ratzer
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Ben Rickett
EU Towers CTIL transaction at markdown multiple
The FT is reporting that VMO2 is selling a further stake in CTIL to an infrastructure fund. The transaction multiple has not been disclosed, but we estimate could be as low as 15x – the lowest in recent years. In this Quick Take we discuss reasons for the discount and implications for VMO2.
- James Ratzer
Virgin Media O2: Deeper dive on the disappointing outlook Liberty Glo...
After the initial results out from Liberty Global last night, we get more detailed results this morning from VMO2, so we are able to further analyse the disappointing guidance given for VMO2 which implies a higher cost base than previously expected to support the current revenue trajectory. In this note, we dive deeper into the implications of this and what it means for Liberty Global and Telefonica.
- James Ratzer
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.
- James Ratzer
- James Ratzer
Telefonica (Buy, €4.6, +18%) Q2 23 - Upwards momentum on all fronts
Telefonica has reported a strong set of quarterly results – but mostly importantly, it has increased its guidance for FY23, given new positive guidance for 2023 FCF, and also announced a new CMD to come in November at which they will set out new three year growth targets, which could provide even further FCF upside.
- James Ratzer
VirginMediaO2 Q2 23 - A deeper dive on the results
Last night we got the Liberty Global results, which includes a summary of VMO2 results, but this morning we get the fuller information on VMO2, so we are able to do a deeper-diver into their Q2 results, which we analyse here and to what extent future growth rates are still achievable based on the KPI trends reported.
- James Ratzer
- Ben Rickett
- James Ratzer
- James Ratzer
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.
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