reports
- Vikash Harlalka
BEAD: Louisiana releases final proposal
Louisiana was the second state to release their final proposal at the end of last week. Virginia just beat Louisiana and was the first. Louisiana Local Fiber Consortium, which includes T-Mobile, was the big winner again. Surprisingly, Comcast was the only large Cable operator among the winners. The ILECs won less than we expected. Fiber continues to be the technology of choice for BEAD. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights da...
- Jonathan Moreland
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TFX TELEFLEX INCORPORATED
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
OPK OPKO HEALTH INC.
NSP INSPERITY INC.
NPO ENPRO INDUSTRIES INC.
MTDR MATADOR RESOURCES COMPANY
MMLP MARTIN MIDSTREAM PARTNERS L.P.
LLY ELI LILLY AND COMPANY
KMPR KEMPER CORPORATION
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
EIG EMPLOYERS HOLDINGS INC.
CNOB CONNECTONE BANCORP INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CHD CHURCH & DWIGHT CO. INC.
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
AMH AMERICAN HOMES 4 RENT CLASS A
CIVB CIVISTA BANCSHARES
OLN OLIN CORPORATION
ASUR ASURE SOFTWARE INC
BRO BROWN & BROWN INC.
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CLAR CLARUS CORPORATION
A2H9KJ NEO PERFORMANCE MATERIAL
OSPN ONESPAN
FXNC FIRST NATIONAL CORP. OF VIRGINIA
TROX TRONOX HOLDINGS PLC
MEC MAYVILLE ENGINEERING
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
XRX XEROX HOLDINGS CORPORATION
PINE ALPINE INCOME PROPERTY TRUST
WSC WILLSCOT MOBILE MINI HOLDINGS CORP
LRMR LARIMAR THERAPEUTICS INC
THRY THRYV HOLDINGS
DLHC DALEIGH HOLDINGS CORP
INTA INTAPP INC
PTLO PORTILLOS INC
BRBR BELLRING BRANDS INC
AUB ATLANTIC UNION BANKSHARES CORP
AURX NUO THERAPEUTICS
OI INC.
SIRI OWENS ILLINOIS INC.
XELB SIRIUS XM HLDGS INC NEW
MUSA XCEL BRANDS INC.
LNW METALS USA HOLDINGS CORP.
LIGHT & WONDER INC.
- Vikash Harlalka
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 162,694 shares at 378.500USD and the significance rating of the trade was 67/100. 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 ...
- Jonathan Moreland
SNV SYNOVUS FINANCIAL CORP.
SIGI SELECTIVE INSURANCE GROUP INC.
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
PETS PETMED EXPRESS INC.
PLBC PLUMAS BANCORP
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CMTV COMMUNITY BANCORP INC. VT
LRMR LARIMAR THERAPEUTICS INC
AURX NUO THERAPEUTICS
SIRI INC.
SIRIUS XM HLDGS INC NEW
- 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.
- Vikash Harlalka
Autumn for Broadband 2Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds remained nearly flat compared to a year ago (when adjusted for ACP impact) but were within the pre-pandemic norm. Industry subscriber trends have mostly stabilized over the past 3 quarters, but y/y growth remains below pre-pandemic levels.
- 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
- Jonathan Moreland
ANTM ANTHEM INC.
SSB SOUTH STATE CORPORATION
SNV SYNOVUS FINANCIAL CORP.
SIGI SELECTIVE INSURANCE GROUP INC.
SFNC SIMMONS FIRST NATIONAL CORPORATION CLASS A
RLI RLI CORP.
PSX PHILLIPS 66
PRGS PROGRESS SOFTWARE CORPORATION
PNFP PINNACLE FINANCIAL PARTNERS INC.
NVCR NOVOCURE LTD.
MTH MERITAGE HOMES CORPORATION
MSCI MSCI INC. CLASS A
MOFG MIDWESTONE FINANCIAL GROUP
FBIZ FIRST BUSINESS FINANCIAL SERVICES
CNC CENTENE CORPORATION
CHTR CHARTER COMMUNICATIONS INC. CLASS A
ALGN ALIGN TECHNOLOGY INC.
UPS UNITED PARCEL SERVICE INC. CLASS B
PETS PETMED EXPRESS INC.
EPD ENTERPRISE PRODUCTS PARTNERS L.P.
PBT PERMIAN BASIN ROYALTY TRUST
LIND LINDBLAD EXPEDITIONS HOLDINGS
KYN KAYNE ANDERSON MLP INVESTMENT CO.
PLBC PLUMAS BANCORP
CZWI CITIZENS COMMUNITY BANCORP
MBIN MERCHANTS BANCORP
PGC PEAPACK-GLADSTONE FINANCIAL CORP.
LOOP LOOP INDUSTRIES
CHMG CHEMUNG FINANCIAL CORP.
FVCB FVCBANKCORP
TLRY TILRAY
TROX TRONOX HOLDINGS PLC
AMTB AMERANT BANCORP (A)
PCB PACIFIC CITY FINANCIAL CORP
DMAC DIAMEDICA THERAPEUTICS INC.
CRDF CARDIFF ONCOLOGY INC
ABSI ABSCI CORP
NSPR INSPIREMD INC
BRCC BRC INC
JMSB JOHN MARSHALL BANCORP INC
PRME PRIME MEDICINE INC
MMC MARSH & MCLENNAN COMPANIES INC.
STRW STRAWBERRY FIELDS REIT INC.
AURX NUO THERAPEUTICS
DMA INC.
MRAI DESTRA MULTI ALTERNATIVE FUND
GF MARPAI
CVM INC.
THE NEW GERMANY FUND
INC.
CEL-SCI CORPORATION
- Jonathan Moreland
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
PNFP PINNACLE FINANCIAL PARTNERS INC.
FFIN FIRST FINANCIAL BANKSHARES INC
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CDXS CODEXIS
CIVB CIVISTA BANCSHARES
CZWI CITIZENS COMMUNITY BANCORP
MBIN MERCHANTS BANCORP
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
CRDF CARDIFF ONCOLOGY INC
JMSB JOHN MARSHALL BANCORP INC
MMC MARSH & MCLENNAN COMPANIES INC.
- Vikash Harlalka
Charter Results Review & Model Update
This note belatedly covers 2Q results and model update. We also provide thoughts on EBITDA growth for the year along with other industry / Charter-specific themes emerging from the results. The major changes to the model are higher broadband losses and lower EBITDA in 2025. FCF is higher. We are close to consensus on EBITDA and slightly above on FCF. Our near-term price target is $450 (+60%).
- 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
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
NEX NEXANS SA
IPF INTERNATIONAL PERSONAL FINANCE PLC
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
- 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
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- Jonathan Chaplin
New Cable MVNO – implications for Cable and Mobile operators
Charter and Comcast announced that they have signed an MVNO with T-Mobile that will target new business customers (here). In this quick note we provide thoughts on implications for Verizon, T-Mobile, Charter, Comcast, and the industry more broadly.
- Jonathan Chaplin
There is more Cable and Fiber M&A coming
This report provides a detailed update to our fiber forecast, with implications for the Fiber and Cable operators. The analysis suggests a strong incentive for Mobile and Cable operators to continue to consolidate assets. The analysis leverages the latest release of FCC data coupled with new features and data sets that have been built into Broadband Insights.
- Jonathan Chaplin
CHTR Quick Hit: 2Q25 Buybacks Hit $1.7BN
Advance / Newhouse filed their latest Charter ownership disclosure earlier today. The buyback amount of $1.7BN for the quarter was almost double the Consensus estimate of $0.9BN. It is a touch below our estimate of $1.8BN, but we were miles ahead of Consensus. Buyback estimates for the quarter and the year should be revised higher.
- Jonathan Chaplin
Updating Price Targets for One Big Beautiful Bill Act
We have updated the price targets for our coverage as a result of the passage of the One Big Beautiful Bill Act. Prior to the bill becoming law, we had already added the value of tax reform to our price targets on a probability-weighted basis. We have now increased the probability from 75% to 100%.
- Blair Levin
Rethinking BEAD 2.0 as States Rethink Their Options
Earlier this month, as expected, Secretary of Commerce Lutnick released new rules for BEAD, requiring all the states to rebid and prioritizing the lowest cost option. Our initial reaction was that the new rules would shift funds from fiber to satellite, a negative for wired providers including CMSCA, CHTR, T, and VZ/FYBR. We still think that but in talking to numerous stakeholders, that magnitude of the shift may be less than we initially thought. In this note we examine two themes that have ...
- Blair Levin
- Jonathan Chaplin
Mobile and broadband pair trades to consider this summer
While we have been intensively focused on such things as a Presidential intervention to prevent a Chapter 11, we admit that our mind occasionally drifts to thoughts of summer. So to help others who may have similar thoughts, we thought, in honor of summer beginning, we should provide our thoughts as to which alcohols pair best with the purchase of the stocks we cover (actually, we just asked ChatGPT and, given its attitude about intellectual property, we have no fears about just cutting and pas...
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