Liberty Global: Progress towards ZG spin an H2 assist (reiterate Buy, TP cut)

研报英文原文证据摘录

Liberty Global: Progress towards ZG spin an H2 assist (reiterate Buy, TP cut)

Deutsche Bank

Research

Rating Company Date

Buy Liberty Global 16 July 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 Jul 2026 (USD) 10.78

LBTYA.OQ LBTYA US NMS LBTYA

Price Target (USD) 23.00

Telecommunications

52-week range (USD) 13.03 - 9.84

Wireline Services

Progress towards ZG spin an H2 assist

Valuation & Risks (reiterate Buy, TP cut)

Robert Grindle, Ph.D.

Progress towards value reveal should prove supportive Research Analyst

Updating LBTYA group numbers is like hitting a rapidly moving target at present as +44-20-754-58490

the company will soon consolidate VodafoneZiggo (post €1bn to Vodafone) and

Keval Khiroya, CFA

deconsolidate assets post BCA approval of fibre collaboration. This creates Research Analyst

volatility to estimates alongside news around OpCo momentum (positives and +44-20-754-18164

negatives) but, taking a step back, Holdco Cash and LBTY Growth account for more

Roshan Ranjit, CFA

than the current LBTYA market cap with the spin-off of Ziggo Group a potential

Research Analyst

equivalent value reveal if all goes to plan, in H2 27. This may see the stock more

+44-20-754-52908

exciting next year rather than this but progress toward this goal should nevertheless

prove cathartic. In the meantime, stronger USD and a challenging UK market sees Vijay Saravanan

our TP cut by $2 to $23 (keep Buy). Research Associate

OpCo puts and takes Ankit Sharma

Research Associate

Just as LBTYA's Dutch business is showing signs of progress post a business reset

(we expect more evidence in Q2) and a network boost (DOCSIS 4) is on the way, the

UK business is suffering from alt-net competition (Openreach is also explicitly

Key changes