reports
- 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
- Ben Rickett
- James Ratzer
- James Ratzer
- James Ratzer
Liberty Global The end of the cash pile?
We have already written earlier on the Liberty Global results and a deeper dive on the VMO2 guidance. In this note we now write specifically on the 5 new strategic announcements made and why this could imply the end of Liberty Global’s excess cash pile. We show full modelling of the "New Liberty Global" in this note.
- 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
Liberty Global Plc: 1 director
A director at Liberty Global Plc sold 31,200 shares at 16.196USD and the significance rating of the trade was 65/100. 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...
- Ben Rickett
- James Ratzer
Liberty Global (Buy, $29, +87%) Q3 23 - A teasing outlook for Q4 - bo...
Liberty Global’s Q3 results have a lot to unpack and a teasing outlook for what is to come in Q4. There are points in there for the bulls (improving UK KPIs; fixed revenue inflection in the Continental markets on the back of price rises helping an overall improvement in service revenues; an acceleration in the buyback and almost all guidance metrics maintained) – but also points for the bears (UK revenue outlook cut from “growth” to “stable” on the back of (we believe) weaker fixed ARPU trends; ...
- Ben Rickett
- James Ratzer
- Ben Rickett
- James Ratzer
- Russell Waller
No Halloween nightmare from rising bond yields Impact should be modes...
When rates go up, the knee jerk reaction can be to panic. However bond yield rises in 2023 have been more muted than the changes seen in 2022 and with >90% of telco debt as fixed rate, the impact from rising yields is spread out over many years for the sector.
- Jan Frederik Slijkerman
- Ben Rickett
- James Ratzer
Liberty Global (Buy): Q2 23 - Financials on track, but work to do on t...
Upon reading Liberty Global’s Q2 release, we got excited when we saw the buyback increase to 15%, and then we got further excited by reaffirmation of all financial guidance which implies improving H2 trends on the back of price rises, but then sadly we saw the weaker KPI momentum from these price rises, which somewhat took the wind out of our sails.
- Ben Rickett
- James Ratzer
- Ben Rickett
- James Ratzer
Liberty Global (Buy, $30, +50%) Q1 23 - Leaving a reasonable amount to...
Liberty Global’s Q1 results were slightly weaker than expected with a higher-than-expected cost inflation drag on EBITDA, but all guidance has been reiterated as the impact of price rises from Q2 onwards in all of their markets should help growth trends to inflect and KPIs were decent across their footprint.
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