Liberty Global (LBTYK) reported another quarter of mixed results. Headline numbers continue to track to guidance that assumes acceleration in growth in the second half of 2018. There is evidence in the first half results that the acceleration will occur. However, there is still quality of earnings issues and the company’s overall growth profile beyond […]
Liberty Global (LBTYK) remains a very frustrating investment for Northlake. 1Q18 results were typical. The company claimed growth in line with estimates with earnings and EBITDA up nearly 5%. However, the results were boosted by a one-time catch up payment in Germany. Excluding the payments, growth was around 3.5%. This type of messaging has occurred […]
Liberty Global (LBTYK) reported a mixed quarter to end 2017. Rebased revenue grew 3%, a nice acceleration, albeit to a still low level of growth. Rebased operating cash flow grew just shy of 5%, basically meeting guidance for “around 5%.” Northlake has been waiting a couple of years for LBTYK to show growth acceleration on […]
We have been wrong on Liberty Global (LBTYK) for more than two years. The shares peaked at over $50 in 2015 and now sit at $30. The $50 price was fed by takeover speculation but even so the shares have vastly underperformed a bull market. The shares have still returned over 50% from our original […]
Liberty Global (LBTYK) showed progress in 2Q17 after a disappointing 1Q that was accompanied by lowered 2017 guidance and a major reset and management change related to its UK buildout known as Project Lightning. 2Q17 was mixed for LBYTK with rebased revenues a bit below reduced expectations, new subscriber additions below expectations, and operating cash […]
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