Author Topic: LBTYA - Liberty Global  (Read 129212 times)

Liberty

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Re: LBTYA - Liberty Global
« Reply #10 on: July 14, 2014, 04:13:50 PM »
Mike Fries at Sun Valley on Liberty Global's strategy:

http://www.cnbc.com/id/101830388
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Liberty

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Liberty

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Re: LBTYA - Liberty Global
« Reply #12 on: July 30, 2014, 07:37:26 AM »
http://online.wsj.com/articles/next-step-for-liberty-global-content-1406667563

Short interview with Malone and Fries in the WSJ.

Gotta love Malone:

Quote
WSJ: What's the status of Liberty's efforts to buy a majority of motor racing series Formula One jointly with Discovery Communications Inc.?

Mr. Malone: We have been engaging in discussions for what seems like an endless period of time. We continue to be interested, but when we have something to announce we'll announce it. You have got to kiss a lot of frogs before you find a prince. At this stage we are still kissing the frogs.

WSJ: Why invest in Formula One?

Mr. Malone: Sports has been elevated as an area of interest in content because of its real-time nature. The industry has a long tradition of paying up for sports and that becomes even more important as other elements of entertainment programming commoditize.

Wonder if I'm the only one who finds it strange to read "Mr. Malone" when he's a doctor..? Oh well, who cares about titles.
« Last Edit: July 30, 2014, 07:42:29 AM by Liberty »
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Yours Truly

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Re: LBTYA - Liberty Global
« Reply #13 on: July 30, 2014, 08:15:03 AM »
http://online.wsj.com/articles/next-step-for-liberty-global-content-1406667563

Short interview with Malone and Fries in the WSJ.

Gotta love Malone:

Quote
WSJ: What's the status of Liberty's efforts to buy a majority of motor racing series Formula One jointly with Discovery Communications Inc.?

Mr. Malone: We have been engaging in discussions for what seems like an endless period of time. We continue to be interested, but when we have something to announce we'll announce it. You have got to kiss a lot of frogs before you find a prince. At this stage we are still kissing the frogs.

WSJ: Why invest in Formula One?

Mr. Malone: Sports has been elevated as an area of interest in content because of its real-time nature. The industry has a long tradition of paying up for sports and that becomes even more important as other elements of entertainment programming commoditize.

Wonder if I'm the only one who finds it strange to read "Mr. Malone" when he's a doctor..? Oh well, who cares about titles.

I would find it odd if all Doctorate holders referred to themselves as Dr. XYZ... I mean we'd have almost all lawyers with a J.D. calling themselves Doctors as well!

Liberty

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Re: LBTYA - Liberty Global
« Reply #14 on: July 30, 2014, 08:22:55 AM »
I would find it odd if all Doctorate holders referred to themselves as Dr. XYZ... I mean we'd have almost all lawyers with a J.D. calling themselves Doctors as well!

I totally agree. But it still feels weird to call him Mr. Malone for some reason  :-\

Maybe I read somewhere (Cable Cowboys?) that his disciples call him Dr. Malone and that somehow stuck in my subconscious..
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Liberty

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Re: LBTYA - Liberty Global
« Reply #15 on: August 05, 2014, 02:16:23 PM »
Q2 is out:

http://www.libertyglobal.com/pdf/press-release/LG-Earnings-Release-Q2-14-FINAL.pdf

Quote
239,000 Organic RGU Additions in Q2 and 584,000 YTD
Rebased OCF Growth of 7% YTD to $4.3 Billion
Adjusted FCF Increased 40% YTD to $1.1 Billion1
Repurchased ~$900 Million of Equity YTD
« Last Edit: August 05, 2014, 02:30:26 PM by Liberty »
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Fat Pitch

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Re: LBTYA - Liberty Global
« Reply #16 on: August 05, 2014, 07:56:48 PM »
Q2 is out:

http://www.libertyglobal.com/pdf/press-release/LG-Earnings-Release-Q2-14-FINAL.pdf

Quote
239,000 Organic RGU Additions in Q2 and 584,000 YTD
Rebased OCF Growth of 7% YTD to $4.3 Billion
Adjusted FCF Increased 40% YTD to $1.1 Billion1
Repurchased ~$900 Million of Equity YTD

I haven't dived too deep into the earnings report just yet, but I quickly glanced at it and noticed FCF for the quarter was $711mm and YTD $1 billion. Is $711mm per quarter the run rate now? I'm trying to get an idea what this company is generating right now, but it seems like they are always making acquisitions to nail it down.
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Liberty

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Re: LBTYA - Liberty Global
« Reply #17 on: August 06, 2014, 10:40:25 AM »
I haven't dived too deep into the earnings report just yet, but I quickly glanced at it and noticed FCF for the quarter was $711mm and YTD $1 billion. Is $711mm per quarter the run rate now? I'm trying to get an idea what this company is generating right now, but it seems like they are always making acquisitions to nail it down.

Very hard to predict, but the overall trends are quite good IMO. Capital intensity is going down, they're shifting more customers to all digital where ARPUs are higher, and their Horizon platform with even higher ARPUs is growing nicely and has lower churn. Their new investments into content - though still small right now - could be nicely profitable down the line (kind of like how TCI's content investments grew tremendously in value over time and had side benefits on the strategic level). The MVNO projects could also turn into something very valuable, especially if the quad play further reduces churn.

So I'm not answering your questions, but overall I quite like what I see. For a business this well management with cash flows this predictable, I don't think it's expensive. And we're close to where Ted Weschler bought it (or was it Todd).
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ni-co

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Re: LBTYA - Liberty Global
« Reply #18 on: August 08, 2014, 10:10:17 AM »
Q2 is out:

http://www.libertyglobal.com/pdf/press-release/LG-Earnings-Release-Q2-14-FINAL.pdf

Quote
239,000 Organic RGU Additions in Q2 and 584,000 YTD
Rebased OCF Growth of 7% YTD to $4.3 Billion
Adjusted FCF Increased 40% YTD to $1.1 Billion1
Repurchased ~$900 Million of Equity YTD

I haven't dived too deep into the earnings report just yet, but I quickly glanced at it and noticed FCF for the quarter was $711mm and YTD $1 billion. Is $711mm per quarter the run rate now? I'm trying to get an idea what this company is generating right now, but it seems like they are always making acquisitions to nail it down.

If they manage to hold their 40% FCF YOY growth rate for Q3 and Q4, they are going to end 2014 at around $2.5bn in FCF or roughly $3.20 per share. At $41.50 per share the FCF yield would be around 7.7% with a very good chance to keep growing from there. Taking into account the certainty with which this cash is going to keep rolling in, I don't think this is expensive at all. And they have really ample room to grow their business in Europe alone organically (think cable broadband for businesses) and through acquisitions (think roll-up). At the moment, this is really one of my favorite stocks.

Wilson-TPC

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Re: LBTYA - Liberty Global
« Reply #19 on: August 08, 2014, 03:05:07 PM »
Be mindful of the nearly 40 bil in debt... EV is double that of the market cap.
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