The optics of their results aren't great.

On the other hand, the shares don't imply a great future eather. The stock is dirt cheap at this point.

LBTYA is clearly turning into a free cash flow machine.

They forecast an adjusted FCF of 1.000m$ for 2020. Add another 250m$ from VodafoneZiggo and we have 1.250m$ for the year.

So the stock is trading at less than 10x free cash flow, and that with reasonable debt ratio : 3,7x OCF.

The free cash flow will keep rising in the following years if their capital investments stay at the current level.

The adjusted free cash flow is being hurt a lot by the repayments of the vendor loans from past capital investments.

Capital investments are about 1$b lower than last year, so if the current level stays or lowers, the repayments of the vendor loans will diminish and so free cash flow will rise.

If you consider free cash flow, not adjusted for the vendor loans, then free cash flow was 1640m$ (ex. 40% telenet) and about 540m$ from VodafoneZiggo, so in total 2.180m$. For next year something like 2400-2500m$.

So if the lower capital investment trend is sustainable, which is quite possible, considering the evolution at Comcast and Charter, the adjusted free cash flow should trend to these numbers.

So if they can stabilise the business (let alone grow), the current price is really cheap for the future free cash flow that can be expected.