Virgin Media (VMED) had a tougher than expected 2011 as the crisis in Europe included the UK economy. In addition, competition picked up as all of the company’s cable, satellite, and telecom competitors responded aggressively to the macro weakness. This environment led VMED to increase capital spending amid discounting form some competitors while its own […]
Given the increased importance of macro issues on the stock market and record high correlations among individual stocks, I am expanding media company earnings analysis this quarter to touch on all companies and major trends, not just Northlake positions. Several important media companies reported earnings since yesterday’s close, kicking off about a dozen reports from […]
Virgin Media (VMED) reported mixed 2Q11 results. Financial performance matched expectations as revenue rose 2.2% and EBITDA gained 6.1%. The disappointment was on the subscriber side as overall subscribers fell slightly. Losses were seen in video, phone, and high speed data. Gross additions were not too bad but churn picked up. VMED’s leading broadband and […]
Last Friday, I attended Virgin Media’s (VMED) analyst meeting in New York. Here are my thoughts: Despite jumping from $15 to $27 since Janaury 2010, VMED still has excellent upside as free cash flow is set to accelerate and management appears very disciplined toward using it to pay down debt and repurchase shares. Given the […]
Virgin Media reported solid third quarter results as management continues to execute very well at the operating level and take advantage of VMED’s superior broadband network in the United Kingdom. Overall growth in revenue and EBITDA remains modest, rising mid to upper single digits. Free cash flow is growing double digits as capital spending intensity […]
Virgin Media reported its best quarter in several years. Mid to upper single digit revenue and EBITDA growth comfortably exceeded estimates and translated to a big beat in free cash flow. Subscriber additions were also good across the board with positive surprises for high speed internet and wireless and wireline telephone. TV subscribers were in […]
I purchased a new position in Virgin Media (VMED) in all Northlake client accounts, including my personal accounts. Clients who have been at Northlake for awhile may remember owning Virgin Media previously, even as far back as when it was known as NTL. VMED is the largest cable company in the United Kingdom, with its […]
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