Morningstar

Morningstar, Inc.

Equity Bottom-Up

If Liberty Global successfully closes its planned divestitures, the firm will consist of four major assets: U.K. cable company Virgin Media; a 60% stake in Telenet, the largest cable company in Belgium; a 50% stake in Vodafone Ziggo, the largest cable company in the Netherlands; and around $15 billion in cash proceeds, nearly equal to the firm’s total market cap. We don’t expect cash will sit in Liberty’s coffers for long, making capital allocation a particularly important consideration. We…

We are placing our fair value estimate for Liberty Global under review. We will publish an updated report and valuation by June 15.

Liberty Global is the largest cable operator in Europe. All else equal, we prefer cable operators to telephone companies because cable companies have fiber deeper into their networks. The fiber and coax cable system used by cable operators to enter customers' homes allows faster broadband connections than copper and is easier to upgrade. Liberty Global has succeeded in using its faster broadband network (often in excess of 200 Mb/second) to gain subscribers. These are often triple-play customers…

United Kingdom

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

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