reports
- Chris Hoare
Liberty LA (Buy, TP: $14.7, +88%) Feedback from call with CFO
We hosted a Zoom call with Liberty Latin America CFO, Chris Noyes, and Head of IR, Soomit Datta on Tuesday last week. We talked about CWC, Puerto Rico, Liberty Networks, cost cutting and LLA’s capital allocation. The overall tone was cautiously optimistic.
- Chris Hoare
Liberty LA (Buy, TP: $14.7, +74%) Thoughts after the call
Following a good Q4 (results comment HERE), and positive call we are increasingly confident in our bullish view on Liberty Latin America, and constructive view on the Liberty PR debt stack. The stock remains a top pick for us with a Buy and a $14.7 price target.
- Chris Hoare
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 beco...
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
- Soomit Datta
- Soomit Datta
- Soomit Datta
Liberty LA (Buy, TP: $13, +45%) cements Chile exit, longer road for AM...
Liberty LA announced this week that AMX will take control of their 50/50 JV in Chile. This isn’t surprising but still cements a good “exit” for Liberty LA (putting zero value on the residual 9% stake this implies a 15.5x exit on FY 23 VTR EBITDA) and requiring a long-term perspective from AMX in order to turnaround the business - though we note recent top line and KPIs look to be (finally) stabilising.
- Soomit Datta
Liberty LA (Buy, TP: $13, +50%) Liberty LA - Confidence in FCF grows,...
Updating estimates for Q1 we feel much better about hitting expectations for the FCF turnaround. CEO Balan Nair was sounding upbeat on the earnings call about hitting the $45m of monthly EBITDA in Puerto Rico, in our view (crucial to group FCF improvement), and we look at how to bridge that outlook from the reported Q1 number. We push up 2025 Puerto Rico EBITDA.
- Soomit Datta
AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) A...
VTR in Chile has disclosed the contribution of a convertible shareholder loan of $600m for AMX and LILA’s Chilean JV (ClaroVTR). It’s not clear that LILA has contributed its pro rata share (we’ll know at the Q2s) and the release suggests that conversion of the loans might not be in proportion to current equity levels (50/50) paving the way we think for AMX to take control of the JV over time.
- Soomit Datta
LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2...
Liberty LA reported Q1s after close. Numbers were in-line at revenue and a touch ahead of us at EBITDA, with a slight sequential recovery in Puerto Rico margins and better profitability in Costa Rica offsetting (ongoing) weakness in Panama.
- Eduardo Henrique Gomes
- Soomit Datta
- Soomit Datta
New Street: LILA (Buy, TP: $15, +100%) ENTEL CI (Buy, CLP4,300, +30%) ...
Expansión newspaper in Chile is reporting that Entel is selling its FTTH infrastructure (~1m HPs) to the local Telefonica / KKR JV. Following the Liberty LA / AMX deal, this would be the second major infra consolidation in a market crying out for repair; we update our map of fixed infrastructure deployment in Chile in this short note and suspect the market will likely coalesce around three infra providers (seven historically).
- Soomit Datta
- Soomit Datta
New Street: LatAm Telecoms Q1 Wrap: Sticking with Wireless over Fixed ...
We publish today our take on the LatAm Telcos Q1 earnings season. As well as our broader note which picks out key themes and market by market insights, we also publish for the first time a summary of our database which looks at key financials and operational KPIs on a country level basis - see LatAm Telcos Quarterly Databank.
AMX AMERICA MOVIL S.A.B. DE C.V. ADS
ENTEL EMPRESA NACIONAL DE TELECOMUNICACIONES S.A.
MEGACPO MEGACABLE HLDGS SAB DE CV CERT PART ORD CONS OF 2 A
VIVT3 TELEFONICA BRASIL S.A.
PAGS PAGSEGURO DIGITAL LTD
LILA LIBERTY LATIN AMERICA LTD
TLEVISA GRUPO TELEVISA
STNE STONECO
MIC MILLICOM
OIBR3 OI S.A. ON
TIMP3 TIM BRASIL SA
DLO DLOCAL
NU:US NUBANK
GETT3 GETNET
CZA COAL OF AFRICA LTD
- Soomit Datta
- Soomit Datta
- Soomit Datta
- Soomit Datta
New Street: LILA (Buy, TP: $17, +30%) Liberty LA - Q3 Quick Take: Und...
Liberty LA reported Q3s after close. Adjusting out for the acquisition of Costa Rica (which contributed more than we expected), revenue missed by 1% and EBITDA missed by 2.5%. The small miss was a combination of the former AT&T wireless business in PR (Liberty Mobile) slowing dramatically (even more than anticipated) and with a much lower underlying EBITDA margin (almost a 10pp swing from Q2).
- Soomit Datta
New Street: Liberty LA (Buy, TP: $17, +30%) AMX (Neutral, TP: $18.5, +...
Liberty LA has announced a deal with AMX in Chile. We spoke to CFO Chris Noyes and ran through the deal rationale which all seems logical, following on the back of the recent Panama deal also with AMX (less material but also a sensible transaction).
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