Liberty Global: Ziggo Deleveraging Strengthens The 2027 Value-Unlock Case

Summary The Dutch tower sale provides tangible evidence that Ziggo Group is deleveraging ahead of its planned 2027 listing. New leadership adds relevant operating, transaction, and spin-off experience as Liberty prepares Ziggo Group for the public market. HoldCo cash still provides substantial downside support, although management retains discretion to deploy liquidity toward VMO2 if needed. Our SOTP continues to indicate substantial upside even while assigning zero value to VMO2 and discounting the Liberty Growth portfolio. Thomas Faull/iStock via Getty Images Following our last Q2 update on Liberty Global plc ( LBTYA )( LBTYB )( LBTYK ), shares are almost flat (Fig. 1). This leaves our investment case broadly unchanged. That said, we continue to view the stock as undervalued relative This article was written by Mare Evidence Lab 6.18K Followers Follow Buy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they might be, and must be treated as such. We take no responsibility for your investments but wish you best of luck. Analyst’s Disclosure: I/we have a beneficial long position in the shares of LBTYA, LBTYK, LBTYB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.