Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as “Adequate”. The score mirrors our assessment of parent Liberty Latin America (LLA), which discloses ESG-related information on a consolidated basis, without meaningful details on the bond-issuing credit pools that we cover (C&amp;W Communications and Liberty Puerto Rico).  We assess LLA’s Social and Governance pillars as “Strong” and “Adequate”, respectively, offsetting the “Weak” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as “Adequate”. The score mirrors our assessment of parent Liberty Latin America (LLA), which discloses ESG-related information on a consolidated basis, without meaningful details on the bond-issuing credit pools that we cover (C&amp;W Communications and Liberty Puerto Rico).   We assess LLA’s Social and Governance pillars as “Strong” and “Adequate”, respectively, offsetting the “Weak” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”. 

Liberty Costa Rica - ESG Report - Lucror Analytics

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul>
<li>
This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
</li>
<li>
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
</li>
<li>
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
</li>
</ul>



This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



<ul><li>Sunrise Communications (SNRE) is a recent spin-off from Liberty Global (LBTYA).</li><li>Since the time of the spin-off, Sunrise has performed relatively well (+7% vs. S&amp;P 500 +1%)</li><li>Nonetheless, I believe there is substantial upside ahead. Sunrise has committed to pay a 240CHF annual dividend.</li></ul>

Sunrise Communications (SNRE) is a recent spin-off from Liberty Global (LBTYA).Since the time of the spin-off, Sunrise has performed relatively well (+7% vs. S&amp;P 500 +1%)Nonetheless, I believe there is substantial upside ahead. Sunrise has committed to pay a 240CHF annual dividend.

Sunrise Communications (SNRE): Dividend Initiation to Drive Upside

<ul>
<li>
Before I dig into my regular update, I want to share one chart that caught my eye this week.
</li>
<li>
Colin King did a nice job modeling out Lionsgate RemainCo Stub / Starz valuation from last May to now.
</li>
<li>
Interesting to see that at one point it was trading at a negative $1 price.
</li>
</ul>



Before I dig into my regular update, I want to share one chart that caught my eye this week.


Colin King did a nice job modeling out Lionsgate RemainCo Stub / Starz valuation from last May to now.


Interesting to see that at one point it was trading at a negative $1 price.



United States

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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Liberty Global Plc Series C (LBTYK US)

Liberty Costa Rica - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as...

Lucror Analytics

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Weekly Update (SNRE, HHH, ANGI, MRP)

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans. Previously, IAC had suggested that it would spin off ANGI but...

Richard Howe

Sunrise Communications (SNRE): Dividend Initiation to Drive Upside

Sunrise Communications (SNRE) is a recent spin-off from Liberty Global (LBTYA). Since the time of the spin-off, Sunrise has performed relatively...

Richard Howe

Weekly Update (MCK, LBTYA, SNRE, AMRZ)

Before I dig into my regular update, I want to share one chart that caught my eye this week. Colin King did a nice job modeling out Lionsgate...

Richard Howe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)