If 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
Read More
Q125 operating results were slightly below our expectations. We expected additions but both mobile and fixed shed customers. The largest part of
Read More
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
Read More
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
Read MorePlacing a €600m SSN inside 6% demonstrates that investors are still
Read MoreVMED O2 hasn’t yet launched new services on its upgraded Fibre to the Premises (FTTP) network upgrades. Only £100m of what we estimate at £1.7bn in
Read MoreInvestors are familiar with the name and the strategy of sending any excess cash to the parent, so the downgrade at VMED (from BB- to B+) will only have
Read MoreTelefonica’s impairment charge on its Virgin Media o2 (VMED) stake reflects the reality of higher rates in the UK. VMED had already guided for
Read MoreSplitting its network from the customer base will allow Liberty/Telefonica to release some capital by inviting Infrastructure investors in. Also, in addition to
Read More