Liberty Global: Cash Provides The Floor, Ziggo The Upside

Liberty Global remains a Buy, trading well below sum-of-the-parts value. Asset monetizations in the Liberty Growth portfolio are turning portfolio value into cash. Headline results were mixed, but underlying trends improved, particularly at VodafoneZiggo, while management continued to make progress toward the planned 2027 Ziggo Group separation. The current valuation offers meaningful downside protection, given the HoldCo cash alone represents approximately more than 60% of the current market cap.

On 27/07/2026, Liberty Global plc (LBTYA)(LBTYB)(LBTYK) released its Q2 update. The release is not only very positive, but it contains essentially everything we wanted to hear. Since our initiation of coverage, Liberty shares are down