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Liberty Global: A Growing Company With Decent Upside ReturnLei Guo • Sep. 30, 2013
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Thu, Sep. 11, 10:18 AM
- Comcast (CMCSA +0.2%) and Liberty Global (LBTYA +3.1%) have agreed to allow users to access each others Wi-Fi networks, granting many Xfinity Internet and Liberty Global customers access to millions of new Wi-Fi access points in various countries by 2015.
- The two plan to trial the shared Wi-Fi service later in 2014 and offer it on a wide-scale in 2015.
- Comcast has more than 3M Xfinity WiFi hotspots in the U.S., while Liberty Global has more than 2.5M Wi-Fi home spots in various countries in Europe.
Thu, Aug. 21, 11:43 AM
- Hedge funds are having a difficult time of it again this year, up 1% vs. a 7.5% gain for the S&P 500, according to Goldman Sachs, which crunched the numbers on 775 funds with $1.9T in AUM.
- Nevertheless, Goldman's list of 50 stocks which "matter most" to hedge funds has outperformed the S&P 500 on a quarterly basis 66% of the time since 2001. The stocks this quarter (posted in order of the number of funds in which a name is a top-10 holding):
- ACT, AAPL, FB, AGN, AAL, GM, TWC, AIG, MSFT, HTZ, CHTR, MU, WMB, LNG, C, DAL, HCA, APC, CBS, ALLY, GOOGL, APD, NRF, BAC, EBAY, LBTYK, PCLN, VRX, BIDU, DTV, DISH, DG, EQIX, MA, WAG, ARCP, GILD, LINTA, MON, FOXA, VC, AMZN, BRK.A, BRK.B, SUNE, CMCSA, JPM, MIC, CCI, HES, LAMR.
- A special call-out to Northstar Realty (NYSE:NRF), Visteon (NYSE:VC), SunEdison (NYSE:SUNE), Macquarie Infrastructure (NYSE:MIC), and Lamar Advertising (NASDAQ:LAMR) for making the list of hedge fund hotels despite their relatively tiny market caps.
Mon, May. 5, 1:31 PM
- Two years after his well-timed pitch of Virgin Media, Coatue Capital's Philippe Laffont suggests a long of LIberty Global (LBTYA +2.7%), (LBTYK +2.2%) at Ira Sohn. A good tech stock, he says, needs a good trend, a good business model, and a management team that cares about the stock price ... The third item is hardest to find. Management at Liberty is a proven moneymaker with incredible ROE and a commitment to capital returns. By 2018, Liberty will be able to hoover up 75% of the float at current prices.
- As for business fundamentals (the trend and business model): "The consumer has not had the need to upgrade his broadband yet, and that will change very quickly with Netflix."
- Earlier Sohn conference coverage
Wed, Feb. 19, 4:22 AM
- John Malone has given the rights of first refusal to the CEOs of Discovery Communications (DISCA) and Liberty Global (LBTYA) to buy his holdings in their respective companies.
- Discovery chief David Zaslav will be able to purchase Malone's 29% voting stake in the TV broadcaster; at Liberty, Michael Fries will be able to acquire Malone's 27% voting interest.
- However, Malone has no intention of reducing his involvement in the businesses just yet, nor has he laid out any similar plans for his holding in Liberty Media (LMCA). Rather, the rights given to Zaslav and Fries represent planning for the future.
Wed, Feb. 12, 4:06 AM| Comment!
Sun, Feb. 9, 1:11 AM
- Vodafone (VOD) has made a formal offer for Spanish cable operator Grupo Corporativo ONO, the Expansion newspaper reports.
- However, Reuters sources provide conflicting information: one says that talks are continuing, while two others say that no offer would be made.
- Vodafone is vying with Liberty Global (LBTYA) to acquire the firm, which has also been considering an IPO.
- Any deal for ONO, which one analyst says could be worth an estimated €6.4B ($8.7B) including debt, would add to Vodafone's acquisition of other cable providers in Europe such as Kabel Deutschland in Germany.
Tue, Feb. 4, 5:09 AM
- Liberty Global (LBTYA) and Discovery Communications (DISCA) have made a joint approach to CVC Capital about acquiring a 49% stake in Formula One in a deal that could value the motorsport franchise at over £6.5B, The Daily Telegraph reports.
- CVC owns 35% of Formula One, including all the voting rights, but it's not clear where the other 14% could come from. One possibility is the Lehman Brothers estate, which needs to sell its 12.3% holding by the end of June.
Mon, Jan. 27, 3:24 AM
- Liberty Global (LBTYA) has agreed to acquire the 70% or so of Ziggo that it doesn't own in a cash and stock deal that values the Dutch cable group at €10B ($13.7B).
- The offer is worth €34.53 a share, a premium of 22% to Ziggo's share price of €29.24 on October 15, the day before the company said Liberty had bid for it.
- Liberty will also pay stockholders a dividend of one share for each share held.
- The deal adds to Liberty's expansion in Europe after it acquired the U.K.'s Virgin Media for $16B last year.
- Ziggo is the Netherlands' largest operator, with 2.8M digital-TV subscribers, while Liberty operates in the country through its UPC Broadband unit. The combined company will have 4M customers and revenues of €2.5B, although one wonders whether the deal won't face antitrust hurdles. (Previous) (PR)
Dec. 12, 2013, 4:21 AM
- Liberty Global (LBTYA) is in negotiations to acquire Dutch cable group Ziggo (ZIGGY), which already rejected an offer from the U.S. group in October for being too low.
- Liberty owns 28.5% in Ziggo, whose market cap is €6.63B.
- The talks come as Liberty expands its presence in Europe, having acquired Virgin Media for $16B earlier this year.
Sep. 3, 2013, 4:03 AM
- Vodafone (VOD) -1.5% in London following news of the sale of its 45% stake in Verizon Wireless for $130B.
- Vodafone plans to use the money on its own networks, CEO Vittorio Colao has said. Acquiring foreign assets is an option but Vodafone won't do it immediately.
- Although the company will pay its shareholders $84B in cash and Verizon stock, it also intends to launch Project Spring, a £6B ($9.3B) scheme to invest in 4G infrastructure and fiber-optic cables.
- Meanwhile, John Malone said he would consider an offer for Liberty Global (LBTYA), Europe’s largest cable-television operator, but he's "happy" with with the company as is. Liberty has been mentioned as a possible Vodafone target.
Sep. 2, 2013, 3:05 AM
- Vodafone (VOD) says it is in "advanced discussions" to sell its 45% stake in Verizon Wireless to Verizon Communications (VZ) for $130B in cash and shares.
- The company will make a further announcement "as soon as practicable," which reports say could be today.
- The sides were working late into the night to iron out the final details, sources say, including the cash-stock ratio of the deal.
- The debate about what Vodafone should do with the proceeds of the deal is already well under way: while shareholders are hoping for a healthy windfall, the FT reports that the company is interested in expanding its presence in the wire-line sector in Europe with deals similar to its proposed acquisition of Kabel Deutscheland. Liberty Global (LBTYA) has cropped up in the speculation as a potential target. (PR)
Aug. 15, 2013, 9:40 AM
- Third Point (TPRE) files its Q2 13-F.
- Key increases: TIBX +400%. BID +400%. LBTYK +344%. LBTYA +275%. TMO +92%. COG +10%.
- Key reductions: TIF -38%. NWSA -38%. IP -31%. AIG -25%. STZ -25%. APC -20%.
- Key exits: DLPH, AGU, CIM, LPX, NXPI, HES, EQIX, TDG, ST, MUR, LNG, ABBV, VMED, LYB.
- Key initiations: MPC ($89M). WMB ($57M). ELN ($120M). DIS ($114M). CF ($145M). CCE ($35M).
Aug. 14, 2013, 4:21 AM
- A higher regional court in Duesseldorf in Germany has overturned the approval by the country's cartel office of Liberty Global's (LBTYA) €3.16B ($4.2B) acquisition of KabelBW and ordered the regulator to have another look at the deal.
- The cartel office had authorized the transaction at the end of 2011, imposing some tough conditions due to Liberty Global owning UnityMedia, Germany's second-largest cable operator.
- The latest decision represents an interim victory for Deutsche Telekom (DTEGF.PK), which had challenged the approval of the deal.
Dec. 20, 2012, 5:52 AMNorges Bank Investment Management, Telenet's fourth-largest shareholder with a 4% stake, rejects Liberty Global's (LBTYA) €35/share offer to buy the 49.8% of the Belgian cable operator that it doesn't already own. Liberty has said it won't raise its bid despite an independent analysis valuing Telenet at €37-42/share. | Comment!
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