The acquisition of Neomnia by Nexfibre will result in a cash inflow of GBP950m for VMED, leading to a reduction in leverage of 0.3x. It is a
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Subscriber numbers were a little above our expectations, but the friction in Revenue and EBITDA continues. There will be at best a modest rise in
Read MoreAdding Infravia Capital to the group, looking to buy Netomnia points to Telefonica and Liberty bidding for the asset directly and possibly avoiding
Read MoreThe repricing of the €720m 2031 TL B from E+350 to E+300 is a positive for creditors. There is some upside from a possible bid by
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The results are broadly in line with our model, with subscribers slightly lower. Operationally, VMED is stabilising, but growth
Read MoreLiberty wants to split network assets from customers to boost multiples; Telefonica doesn’t. We expect Telefonica to want to take
Read MoreThe decision to end the network spinoff deal is a surprise and points to a divergence in strategy between Liberty and Telefonica. The impact is
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Revenue was slightly short of our forecast as more subscribers than we expected churned off when the annual price rises were
Read MoreVMED is the natural purchaser of Vodafone's spare spectrum; OFCOM needs to approve the deal but is unlikely to block it. VMED will now
Read MoreIf BT acquires TalkTalk it would solidify its leading position in the consumer broadband market. VMED will still be interested in acquiring the
Read MoreAcquiring CityFibre would be marginal for Liberty/Telefonica unless the assets were acquired at a significant discount. Any potential purchase of
Read MoreWe are sceptical that a deal is imminent as Telefonica buying out Liberty’s VMO2 stake would threaten the Spanish company’s Investment
Read MoreThe impact on bondholders here is small, the leverage in the acquired asset is 5.5x (above the level at VMO2), but at <4% of the VMO2 debt stack, it is
Read MoreThe VMO2 merger of its B2B business with Daisy Group will be a non-cash deal. VMO2 will have 70% of the combined B2B business, which implies
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Q125 operating results were slightly below our expectations. We expected additions but both mobile and fixed shed customers. The largest part of
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The company met its muted 2024 guidance but did show subscriber growth in the final quarter. We had expected top-line friction as higher prices caused customers to
Read MoreThe confirmation of the sale of another 8% of its tower business was expected and reported in the FT in September. VMED is shifting
Read MoreCEO Lutz Schüler is on medical leave for up to 8 weeks and will be replaced temporarily by the CFO; he is expected to
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