View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
Chris Hoare
  • Chris Hoare

Liberty Latin America (Buy, TP: $13.9, +87%) Cutting Puerto Rico loose...

In this note we assess the likely cash flow at the parent of Liberty now that the decision to spin off Puerto Rico has been taken. We show that EFCF after minorities in 2026 at the parent is likely around $280m, driving a close to 20% EFCF yield.

Chris Hoare
  • Chris Hoare

Liberty Latin America (Buy, TP: $13.9, +68%) Q2 25: Puerto Rico separ...

Decent numbers, but the key announcement today relates to the separation of the Puerto Rico silo. From an equity, and non-PR debt holders’ perspective clearly (very) positive, for PR debt holders more mixed but still on balance positive.

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.

Felix Fischer ... (+5)
  • Felix Fischer
  • Haidje Rustau
  • Jayanth Kandalam
  • Si Yong Ng
  • Tanvi Arora

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Victoria, Nokia, Telecom Italia, Intrum, CEMEX, Liberty Global, Ineos, Cirsa, Ardagh Metal Beverage Packaging, OPmobility, Rexel, TUI

Chris Hoare
  • Chris Hoare

Liberty Latin America (Buy, TP:$13.9, +179%) Feedback from call with ...

We hosted a Zoom call with Liberty Latin America CFO, Chris Noyes, and Head of IR, Soomit Datta on Friday last week. We came away encouraged that Puerto Rico has inflected, and good performance elsewhere is sustainable

Chris Hoare
  • Chris Hoare

GEM Telcos: Consolidation – THE theme driving improved trends for EM T...

Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?

Felix Fischer
  • Felix Fischer

Europe HY Trade Book - May 2025 - Lucror Analytics

The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.

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

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Vallourec, Aggreko, TK Elevator, Aston Martin, Techem, Bite, Virgin Media O2, NewDay, Sunrise, Digi Communications, Telecom Italia, Banijay, Liberty Global, Solenis, Air France-KLM, Flos B&B Italia (formerly International Design Group), Forvia (formerly Faurecia), Flora Food Group (formerly Upfield), Premier Foods, The Very Group, Lecta, Air Baltic, Teva, Standard Profil

James Ratzer
  • James Ratzer

VMO2 merging with Daisy

VMO2 has announced it is merging its B2B activities with Daisy in the UK, with Daisy taking a 30% stake in the NewCo.

Chris Hoare
  • Chris Hoare

Liberty Latin America (Buy, TP: $14.5, +164%) Q1 25: Mixed; weak PR (...

Group headline trends improved materially, although the recovery in Puerto Rico is slower than we expected. Subscriber losses in PR were also higher than expected. However, capex in PR fell 30%, and as a result, PR net debt also fell by $15m. Headlines are disappointing but the cash flow picture in PR seems to be improving.

Haidje Rustau
  • Haidje Rustau

Liberty Global - Earnings Flash - Q1 FY 2025 Results - Lucror Analytic...

Liberty Global (LG) has released disappointing Q1/25 numbers, owing to weak subscriber dynamics. Revenues and adjusted EBITDA grew y-o-y. Cash-flow performance was mixed, with OCF rising while taxes paid and capex increased. Total debt was up, while the cash balance improved slightly. Management aims to reduce leverage, with asset sales ongoing at VodafoneZiggo. However, LG still plans to pay material dividends. Market conditions are set to remain very difficult, and the near-term outlook is...

Haidje Rustau ... (+6)
  • 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: Playtech, Scan Global Logistics, Liberty Global, Clarios, TalkTalk, Modulaire, Klockner Pentaplast, EnQuest Plc, Tata Motors, Cirsa, Ineos, Motel One, Ineos Quattro

James Ratzer
  • James Ratzer

Liberty Global (Neutral) VMO2, VodafoneZiggo, Telenet (Underweight) Q...

The weaker broadband adds at VMO2 reported this morning were only half the story. With the full Liberty Global results, there has also been a material guidance reduction for VodafoneZiggo. We addressed the VMO2 numbers in more detailed in our earlier note here – and now in this note we do a more detailed dive into VodafoneZiggo and how leverage trends could develop over the next few years based on the new guidance and the potential tower sale.

Chris Hoare
  • Chris Hoare

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...

Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.

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

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Neopharmed, PureGym, Rexel, Flos B&B Italia (formerly International Design Group), David Lloyd Leisure, Odido, Liberty Global, Infopro Digital, Eircom, Tele Columbus, McLaren, Nexans, Fedrigoni, Stada, Grupo Antolin, Cerba, Klockner Pentaplast, Cheplapharm, Crown Holdings, Motel One, Stena AB, Casino Guichard-Perrachon

Chris Hoare
  • Chris Hoare

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. ...

Our picks were on fire in March, with our top EM Telcos now up 27% YTD on average. This note also includes key news & other thoughts catalysts, help investors generate alpha within the EM Telco space.

James Ratzer
  • James Ratzer

Liberty LA (Buy, TP: $14.5, +110% ) / LCPR HY Deep dive on Puerto Ric...

We focus on Puerto Rico (PR). Following our call with the CFO we now see monthly EBITDA rising to $34m by y/e 2025 (and $40m by y/e 2026), driven by bad debt and credits normalizing, and revenue growth as net adds inflect.

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch