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1. Company Snapshot

1.a. Company Description

Liberty Global plc, together with its subsidiaries, provides broadband internet, video, fixed-line telephony, and mobile communications services to residential and business customers.It offers value-added broadband services, such as intelligent WiFi features; security; smart home, online storage solutions, and Web spaces; Connect Box, a set-top or Horizon box that delivers in-home Wi-Fi service; community Wi-Fi via routers in home, which provides access to the internet; and public Wi-Fi access points in train stations, hotels, bars, restaurants, and other public places.The company also provides various tiers of digital video programming and audio services, as well as digital video recorders and multimedia home gateway systems; and channels, including general entertainment, sports, movies, series, documentaries, lifestyles, news, adult, children, and ethnic and foreign channels.


In addition, it offers postpaid and prepaid mobile services; circuit-switched telephony services; and personal call manager, unified messaging, and a second or third phone line at an incremental cost.Further, the company offers business services comprising voice, advanced data, video, wireless, cloud-based services, and mobile and converged fixed-mobile services to small or home office, small business, and medium and large enterprises, as well as on a wholesale basis to other operators.It operates in the United Kingdom, Belgium, Switzerland, Ireland, Poland, Slovakia, and internationally.


Liberty Global plc was founded in 2004 and is based in London, the United Kingdom.

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1.b. Last Insights on LBTYK

Breaking News: Liberty Global Ltd reported its Q4 2025 earnings on February 18 2026. The companys revenue for the quarter was not disclosed in the available data. Liberty Globals management team held an earnings call to discuss the results with investors. No specific numbers or guidance were provided in the available data. Analysts from various firms have given recommendations on the stock including some recommending to buy and others to hold. These recommendations come from analysts at various investment banks.

1.c. Company Highlights

2. Liberty Global's Strategic Shift: Unlocking Value in Telecom

Liberty Global's Q4 2025 results showed a mixed financial performance, with revenue and EBITDA driven by strong commercial momentum in their telecom businesses. However, the actual EPS came out at '-8.6', significantly worse than estimates of '-0.3104'. Revenue stood at $22 billion, with EBITDA at $8 billion, indicating a stable operational performance. The company's guidance for 2026 indicates a stable to low single-digit decline in revenue for VodafoneZiggo, driven by a lower fixed base and the flow-through of the front book pricing impact.

Publication Date: Feb -20

📋 Highlights
  • Telecom Revenue & EBITDA: Generated $22B revenue and $8B EBITDA from Liberty Telecom pillar in 2025.
  • Key Transactions: Completed UK fiber transaction and acquired Vodafone's 50% stake in VodafoneZiggo for EUR 6.6B revenue/EBITDA entity.
  • Corporate Cash Balance: Ended 2025 with $2.2B cash, aiming to reduce to $1.5B by 2026 post-refinancing $15B across credit silos.
  • Substantial Group Acquisition: Acquired GBP 2B UK broadband/fiber business, creating 8M fiber homes by 2027, second-largest in the UK.
  • Liberty Growth Valuation: Portfolio valued at $10/share, while Liberty Telecom ascribes at least $5/share negative value.

Operational Highlights

The company's operational performance was strong in the U.K., Ireland, and the Netherlands, with postpaid mobile results in the U.K. impacted by price increases. As Michael Fries mentioned, "We've made significant progress in preparing our Benelux operating companies for the next phase of value creation." The acquisition of Vodafone's 50% stake in VodafoneZiggo and the purchase of Substantial Group's fiber network in the U.K. are key transactions that will drive future growth.

Valuation and Outlook

With a P/E Ratio of -0.6 and an EV/EBITDA of 10.48, the market is pricing in significant challenges for Liberty Global. However, the company's strategic shift towards unlocking value in their telecom businesses, combined with a strong equity story in both Ziggo and VMO2, could drive future appreciation. The company's capital allocation strategy has been successful, with a 75% reduction in net corporate costs. Analysts estimate next year's revenue growth at 0.1%, indicating a challenging environment.

Key Transactions and Synergies

The acquisition of Vodafone's stake in VodafoneZiggo will create a combined entity with significant scale, generating EUR 6.6 billion in revenue and EUR 2.5 billion in EBITDA. The deal is expected to drive synergies, with potential cross-border synergies and technology benefits. As Charles Bracken mentioned, "The financial synergies are included in the EUR 1 billion figure." The company's focus on deleveraging, EBITDA growth, and asset sales will be key drivers of future value creation.

Conclusion on Financial Health

The company's financial health is reflected in its Net Debt / EBITDA ratio of 6.77, indicating a leveraged position. However, the company's proactive refinancing activities and strong cash balance of $2.2 billion provide a stable foundation for future growth. The Free Cash Flow Yield of 36.6% is a positive indicator, suggesting that the company is generating significant cash.

3. NewsRoom

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Liberty Global: Sunrise 2.0, Just Bigger. Not Late To Jump On This Spin-Off Train

Feb -20

Source: seekingalpha.com

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Reviewing Newsmax (NYSE:NMAX) & Liberty Global (NASDAQ:LBTYK)

Feb -20

Source: defenseworld.net

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Liberty Global Ltd. (LBTYA) Q4 2025 Earnings Call Transcript

Feb -18

Source: seekingalpha.com

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Financial Contrast: Spanish Broadcasting System (OTCMKTS:SBSAA) and Liberty Global (NASDAQ:LBTYK)

Feb -17

Source: defenseworld.net

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Liberty Global signs five-year AI and cloud deal with Google

Feb -03

Source: proactiveinvestors.co.uk

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Google Cloud, Liberty Global strike five-year AI partnership

Feb -03

Source: reuters.com

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Liberty Global CEO on U.S.-Europe relations

Jan -22

Source: youtube.com

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Liberty Global CEO Mike Fries on U.S.-Europe relations, state of telecom and AI impact

Jan -22

Source: youtube.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.35%)

6. Segments

Sunrise

Expected Growth: 2%

Sunrise from Liberty Global plc's 2% growth is driven by increasing demand for high-speed internet and TV services, coupled with strategic investments in network infrastructure and expansion into underserved markets. Additionally, the company's focus on customer experience and retention, as well as its ability to upsell and cross-sell services, contribute to its growth momentum.

Telenet

Expected Growth: 3%

Telenet's 3% growth is driven by increasing demand for high-speed internet and TV services, particularly in the Flemish region. Liberty Global's investment in network upgrades and expansion of its fiber-optic infrastructure has improved service quality, attracting new customers. Additionally, Telenet's focus on converged services, such as its 'WIGO' mobile offering, has enhanced customer retention and driven revenue growth.

Central and Other

Expected Growth: 1%

Central and Other segment of Liberty Global plc is driven by growth in B2B and carrier services, as well as increasing demand for data center and co-location services. Additionally, the company's focus on cost savings initiatives and operational efficiencies also contribute to its growth.

Virgin Media Ireland

Expected Growth: 4%

Virgin Media Ireland's 4% growth is driven by increasing demand for high-speed broadband and TV services, fueled by government initiatives to improve digital infrastructure. Additionally, Liberty Global's strategic investments in network upgrades and expansion into new areas have enhanced customer experience, leading to increased subscriptions and revenue growth.

Intersegment Eliminations

Expected Growth: 0%

Liberty Global plc's Intersegment Eliminations with 0% growth is driven by the absence of significant transactions between its subsidiaries, indicating a lack of material eliminations. This is likely due to the company's focus on operating its businesses independently, with minimal intercompany transactions, resulting in no eliminations required.

7. Detailed Products

Broadband Internet

High-speed internet services for residential and business customers

TV Services

Digital TV services offering a range of channels, on-demand content, and streaming capabilities

Fixed-Line Telephony

Traditional landline phone services for residential and business customers

Mobile Services

Mobile phone services offering voice, data, and text messaging capabilities

Business Solutions

Customized telecommunications solutions for businesses, including data, voice, and internet services

IT and Cloud Services

Managed IT services, cloud infrastructure, and cybersecurity solutions for businesses

8. Liberty Global plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Liberty Global plc operates in a highly competitive industry, with many substitutes available to customers. However, the company's strong brand recognition and quality of service help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Liberty Global plc's customers have some bargaining power due to the availability of substitutes, but the company's strong brand recognition and quality of service help to reduce this power.

Bargaining Power Of Suppliers

Liberty Global plc's suppliers have some bargaining power due to the company's dependence on them for network infrastructure and equipment. However, the company's large scale of operations and strong relationships with suppliers help to mitigate this power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the telecommunications industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The telecommunications industry is highly competitive, with many players competing for market share. Liberty Global plc faces intense rivalry from other major players in the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.75%
Debt Cost 5.01%
Equity Weight 52.25%
Equity Cost 9.78%
WACC 7.50%
Leverage 91.37%

11. Quality Control: Liberty Global plc passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Millicom

A-Score: 6.5/10

Value: 6.5

Growth: 3.9

Quality: 6.2

Yield: 8.1

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Itissalat Al-Maghrib

A-Score: 6.1/10

Value: 3.6

Growth: 2.3

Quality: 6.9

Yield: 6.2

Momentum: 9.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Airtel Africa

A-Score: 5.3/10

Value: 3.5

Growth: 4.8

Quality: 5.5

Yield: 3.8

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Elisa

A-Score: 5.0/10

Value: 4.0

Growth: 4.0

Quality: 6.9

Yield: 8.1

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
1&1

A-Score: 4.5/10

Value: 5.5

Growth: 3.4

Quality: 4.2

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Liberty Global

A-Score: 3.0/10

Value: 7.6

Growth: 2.3

Quality: 2.2

Yield: 0.0

Momentum: 1.0

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.1$

Current Price

12.1$

Potential

-0.00%

Expected Cash-Flows