Liberty Global plc "Q2 - UK challenging / Benelux improving" (Neutral) Tang

研报英文原文证据摘录

Liberty Global plc "Q2 - UK challenging / Benelux improving" (Neutral) Tang

Global Research

24 July 2026ab

Liberty Global plc Equities

United StatesQ2 - UK challenging / Benelux improving

Fixed-Line Communications

12-month rating Neutral

Operationally mixed but crystallising value

For Q2 the UK remains challenging but Benelux is improving. 2026 divisional guidance 12m price target US$12.10

was reiterated – see Figure 2LibertyGlobal-2026Guidance for a breakdown. LBTY shares are -8% YTD that we think

reflect rising US treasury yields (as a levered equity the shares have seen a historic inverse

Price (23 Jul 2026) US$10.29

correlation), a challenging UK market and questions around the de-leveraging profile for

both VMO2 and new Ziggo (Benelux HoldCo). A pending spin-off of Benelux could RIC: LBTYA.O BBG: LBTYA US

potentially help unlock value but is only planned for mid-2027 (although this is earlier

Trading data and key metrics

than the previously outlined H2-2027). Other notable events include pending regulatory

52-wk range US$13.03-9.84

clearance for the nexfibre/Netomnia transaction (CMA deadline on a decision is 15

December 2026). LBTY have undertaken c$900m of disposals from Liberty Growth YTD Market cap. US$3.49b

with year-end corporate cash now expected to be $2.0bn (vs $1.5bn before). Shares o/s 165m (COM)

Free float 99%

Q2 – UK challenging / Benelux improving Avg. daily volume ('000) 1,886

At a Group level, revenues and EBITDA were light, mainly due to shortfalls in Liberty Avg. daily value (m) US$21.8

Growth and Corporate/Other - see Figure 1LibertyGlobalQ2-26-Beats&Mises for the beats and misses. However, we think Common s/h equity (12/26E) US$9.04b

investor focus is on the three key units: P/BV (12/26E) 0.4x

Net debt to EBITDA (12/26E) 3.6x