Operational results were below our expectations, but we do not expect anything more than very slight softness in the SSNs and the

Please see our updated analysis here.

VM02 has seen stabilisation and a little growth return to its Mobile and Fixed segments. Both are mature in terms of market penetration, but

The Three deal is part of the same broad strategy that prompted Telefonica/Liberty Global to buy Netomnia. Owning more of

Telefonica views the UK as one of its four key markets and intends to continue consolidating the Alt-net broadband providers. In the long term, this

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

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

Adding Infravia Capital to the group, looking to buy Netomnia points to Telefonica and Liberty bidding for the asset directly and possibly avoiding

The 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

The results are broadly in line with our model, with subscribers slightly lower. Operationally, VMED is stabilising, but growth

Liberty wants to split network assets from customers to boost multiples; Telefonica doesn’t. We expect Telefonica to want to take

The decision to end the network spinoff deal is a surprise and points to a divergence in strategy between Liberty and Telefonica. The impact is

Revenue was slightly short of our forecast as more subscribers than we expected churned off when the annual price rises were

VMED is the natural purchaser of Vodafone's spare spectrum; OFCOM needs to approve the deal but is unlikely to block it. VMED will now

If BT acquires TalkTalk it would solidify its leading position in the consumer broadband market. VMED will still be interested in acquiring the

Acquiring CityFibre would be marginal for Liberty/Telefonica unless the assets were acquired at a significant discount. Any potential purchase of