All,
Please find our updated analysis on Ziggo here.
Note: Beta testers can check Ziggo on the portal here.
Ziggo is winning back customers, but not yet earnings or cash. In Q2 26 broadband returned to positive net adds (+7,200, the best in over six years), yet Adj. EBITDA fell 7.6% to €404.5m and H1 Adj. FCF was –€75m. Liberty Global now owns the business outright after buying out Vodafone in August. Covenant net leverage is 5.2x on the reported basis but 6.1x including €1.0bn of vendor financing, and the unsecured notes sit behind €8.8bn of senior claims. At 63.7 (15.6% YTM) the 6.125% SUN 2032s are priced for the listing going ahead, with little allowance for the downside, while the SSNs are close to fair value. We are waiting for Q3 results before taking a concrete view.
The EU Commission has cleared the sale of VodafoneZiggo’s passive towers to DigitalBridge, TD Greystone and L&G for EUR 669m, with closing still