reports
Liberty Global Ltd: 1 director
A director at Liberty Global Ltd sold 37,600 shares at 20.323USD and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- James Ratzer
Liberty Global (Neutral, $23, +16%) Sunrise CMD feedback and Liberty ...
The Sunrise CMD has just wrapped up – with the official spin-off from Liberty Global coming later this year. We provide our initial thoughts here on the new guidance, the valuation impact and the longer-term potential questions as the industry migrates towards higher-speed infrastructure
- Jan Frederik Slijkerman
Liberty Global operating companies/2Q24 Earnings: UPCB, TNETBB, ZIGGO ...
The 2Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 2Q24 adj. EBITDA performance was strong at VodafoneZiggo, stable at Virgin Media O2 and Sunrise, while it was weak at Telenet. We would currently prefer to own Sunrise and Ziggo. Given similar credit profiles and the same (partial) owner, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Lib...
- James Ratzer
Liberty Global (Neutral, $24, +24%) Q2 24: Deeper dive on VMO2 result...
As Liberty Global continues its transitional journey, we see two key areas of focus from the recent announcements, where we dig deeper in this note - the newly announced Belgian FTTH network sharing arrangement, and the VMO2 results & outlook.
- Jan Frederik Slijkerman
Liberty Global operating companies/1Q24 Earnings: UPCB, TNETBB, ZIGGO ...
The 1Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 1Q24 adj. EBITDA performance was strong at VodafoneZiggo and Sunrise, while it was soft at Telenet and Virgin Media O2. We prefer to own Sunrise and Ziggo, today. Given similar credit profiles and the same (partial) owner at the moment, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Liber...
- James Ratzer
Liberty Global (Neutral) Q1 24 - The challenge of subscriber momentum
After the excitement of the strategic announcements in Q4, this is a quieter quarter with all FY financial guidance re-iterated. However, some of the issues that concerned shareholders with the Q4 results persist in the Q1 results: weak KPIs at VMO2 and VodafoneZiggo with limited signs of growth on the new UK nexfibre footprint. On a more positive note, Swiss broadband adds recovered to growth for the first time in a year and could help to support momentum into the Q4 demerger
- Ben Rickett
- James Ratzer
- James Ratzer
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Charlotte Vaisse
FP TOTAL SE
AMS AMS AG
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
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GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
BON BONDUELLE SCA
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SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
CTAC CTAC N.V.
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PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
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MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
GCO GRUPO CATALANA OCCIDENTE S.A.
SMHN SUESS MICROTEC AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
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ALKAL KALRAY SA
JEN JENOPTIK AG
VK VALLOUREC SA
RWI RENEWI PLC
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Charlotte Vaisse
FP TOTAL SE
AMS AMS AG
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
BON BONDUELLE SCA
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
CTAC CTAC N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
GCO GRUPO CATALANA OCCIDENTE S.A.
SMHN SUESS MICROTEC AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
ALKAL KALRAY SA
JEN JENOPTIK AG
VK VALLOUREC SA
RWI RENEWI PLC
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Charlotte Vaisse
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Konrad Zomer
- Stephane Beyazian
ODDO : Germany: DTE, Freenet and 1&1 set to be the winners again in 20...
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Allemagne : DTE, Freenet et 1&1 encore gagnants en 2024
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Ben Rickett
- James Ratzer
- James Ratzer
- Jan Frederik Slijkerman
Liberty Global operating companies/4Q23 Earnings: UPC, TNET, ZIGGO and...
The 4Q23 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 4Q23 adj. EBITDA performance was strong at Virgin Media O2 and UPC, while it was soft at Telenet and VodafoneZiggo. Nevertheless, we are surprised by the relatively low broadband customer losses at VodafoneZiggo, given the strong competition from FTTH. Another notable development is the weak guidance for FY24 from Telenet. Parent Liberty Global has also announced strategic ...
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