The confirmation of the sale of another 8% of its tower business was expected and reported in the FT in September. VMED is shifting
Read MoreCEO Lutz Schüler is on medical leave for up to 8 weeks and will be replaced temporarily by the CFO; he is expected to
Read MoreA further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of
Read MoreVMED dropping any objections to the Vodafone/Three merger is no shock. The UK market is saturated, but a price war is unlikely as all
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No significant change in Q2 at VMED. Guidance has been firmed slightly in revenue but EBITDA is still expected to fall
Read MoreAn extension of the network-sharing agreement with Vodafone is a slight positive for bondholders. The extension depends on
Read MorePlacing a €600m SSN inside 6% demonstrates that investors are still
Read MoreVMED O2 hasn’t yet launched new services on its upgraded Fibre to the Premises (FTTP) network upgrades. Only £100m of what we estimate at £1.7bn in
Read MoreInvestors are familiar with the name and the strategy of sending any excess cash to the parent, so the downgrade at VMED (from BB- to B+) will only have
Read MoreTelefonica’s impairment charge on its Virgin Media o2 (VMED) stake reflects the reality of higher rates in the UK. VMED had already guided for
Read MoreSplitting its network from the customer base will allow Liberty/Telefonica to release some capital by inviting Infrastructure investors in. Also, in addition to
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2024 guidance shows a sacrifice of EBITDA to protect its customer base. The 8.8% rise in consumer bills will lead to customer cancellations, and
Read MoreIf Virgin Media o2 (VMED) buys the consumer division of Talk Talk it will acquire 2.4m broadband customers, and we estimate a price of around
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The launch of a $500m TL by Virgin Media O2 (VMED) was prompted by its dividend policy. In June, VMED drew £325m in term loans to fund a dividend
Read MoreThe acquisition of UPP does not change the risk profile of Virgin Media O2 (VMED). The purchase price is modest in the context of
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A 1% rise in underlying revenue was due to additional mobile customers balancing reductions in the Consumer business. Customers are churning off
Read MoreThe recycling of capital from tower infrastructure into fibre by VMED O2 is a well-trodden path. If VMED 0@ sold all of its towers stake, it could
Read MoreQ422 numbers in line with our model. VMED 02 says that 30% of the £540m synergies have been achieved. Company EBITDA guidance for
Read MoreGiven its stake in VMED 02, Liberty Global would not be allowed to exercise any control at Vodafone. The 4.9% equity stake is a play on Vodafone’s recovery after a
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