Liberty Global’s share price has lately hovered around the $17 mark. Investment bank Jefferies believes this is much too low and has issued a ‘Buy’ revision to its clients with a share price target of $24.80 – an upside of 46 per cent.

Jefferies reports on Liberty Global’s key metrics with its Q3 2022 consolidated revenues of $1.746 million (ahead of consensus), and EBITDA also ahead of consensus at $664 million.

Liberty’s full-year guidance has been reiterated by the company (free cashflow of $1.7 billion) and the company remains committed to a 10 per cent repurchase of its own shares by the end of 2023.

The company offers television, broadband internet, and telephony services. The major operations are located in the UK (Virgin Media O2), Belgium (Telenet), Switzerland (UPC), and The Netherlands (VodafoneZiggo).

The bank says the Liberty’s Project Lightning is building momentum with 115,000 builds during the quarter (114,000 in Q2, 101,000 in Q1) but Virgin Media must accelerate to 170,000 during Q4 to meet its reiterated target build of 500,000 this year.

Project Lightning is Liberty/Virgin’s fibre-optic scheme which seeks to extend its 1 Gb fibre network. Virgin’s new FTTH JV with InfraVia (unveiled 29 July) is said to still be on track for 4Q clearance, which aims to expand footprint by 5-7million premises.

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2. Thuraya-3 suffers major problem
3. AST SpaceMobile hit by Class Action
4. Optimism under threat at SES
5. Rivada visits Terran Orbital’s manufacturing HQ
6. Avanti wins spectrum debt obligation case
7. SpaceX breaks records for re-use launchers
8. IRIS2 already in trouble?
9. Intelsat contemplates next steps

Categories: Blogs, Business, Inside Satellite

Tags: Jefferies, Liberty Global, virgin, VodafoneZiggo