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Haidje Rustau
  • Haidje Rustau

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.

Felix Fischer ... (+6)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

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

James Ratzer
  • James Ratzer

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.

Felix Fischer ... (+3)
  • Felix Fischer
  • Haidje Rustau
  • Peter Low

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

Felix Fischer ... (+7)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

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

Felix Fischer
  • Felix Fischer

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. 

Felix Fischer ... (+6)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Trung Nguyen

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)

Haidje Rustau ... (+3)
  • Haidje Rustau
  • Si Yong Ng
  • Trung Nguyen

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

BT Group: 1 director

A director at BT Group sold 150,000 shares at 217p and the significance rating of the trade was 79/100. 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 clearly showing Cl...

Abbott Laboratories: 1 director

A director at Abbott Laboratories sold 5,550 shares at 134.551USD and the significance rating of the trade was 69/100. 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 cle...

Haidje Rustau
  • Haidje Rustau

Liberty Global - Earnings Flash - Q2 FY 2025 Results - Lucror Analytic...

Liberty Global (LG) has released its Q2/25 numbers. Revenues for consolidated entities amounted to USD 1.17 bn, with a 20.0% y-o-y rebased increase. Adjusted EBITDA rose 5.8% in rebased terms to USD 335 mn, supported by improvements at LG and Telenet. Subscriber trends remained weak overall. Reported total debt grew to USD 9.9 bn, and the cash balance dropped to USD 1.8 bn. Reported net senior leverage stood at 3.8x, and total net leverage at 4.2x.

Felix Fischer ... (+7)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: SIG plc, Playtech, Flos B&B Italia, Liberty Global, Almaviva, Engineering Group, Trivium, Tata Motors, Nissan Motor, Froneri, Modulaire, Clarios, Itelyum Group, Italmatch Chemicals, Synthomer

Felix Fischer ... (+7)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Trivium, Applus, Altice France (SFR), Casino Guichard-Perrachon, International Personal Finance, TeamSystem, Aston Martin, Virgin Media O2, Liberty Global, TalkTalk, Recordati, Tata Motors, Nexans, Italmatch Chemicals, Itelyum Group, Teva

James Ratzer
  • James Ratzer

VirginMedia-O2 (Underweight) Q2 25 – Customer losses and ARPU growth ...

VMO2’s Q2 results show that customer losses and ARPU trends have slipped further in Q2. Although all guidance has been reiterated supported by hopes of a B2B turnaround and near-term cost measures, we think these KPI trends will make it more difficult to sustain organic EBITDA growth into FY26.

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