The results are broadly in line with our model, with subscribers slightly lower. Operationally, VMED is stabilising, but growth
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Liberty 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
Read MoreA further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of
Read MoreVMED dropping any objections to the Vodafone/Three merger is no shock. The UK market is saturated, but a price war is unlikely as all
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No significant change in Q2 at VMED. Guidance has been firmed slightly in revenue but EBITDA is still expected to fall
Read MoreAn extension of the network-sharing agreement with Vodafone is a slight positive for bondholders. The extension depends on
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