$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe
About this episode
Rich Howe discusses the potential value of Liberty Global and the implications of its upcoming spin-off.
Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up. Chapters: 00:00 Introduction and Liberty Global thesis 01:44 Sponsor: AlphaSense earnings season 04:49 Rich's bull case for $LBTYK 07:46 Andrew on management credibility 09:05 Why a spin can unlock value 11:57 Buybacks: are they actually working? 15:19 Debt structure and the deleveraging path 17:14 Operational deterioration risk 19:52 Ziggo's subscriber losses 24:09 Malone and Fries: the track record 27:46 The Liberty Global board problem 31:22 The growth investment portfolio 32:59 Why Rich haircuts the portfolio 36:43 Formula E and venture exposure 38:35 The empire-building risk 40:55 Virgin Media O2 restructuring 42:11 Other spin-off setups worth a look 43:40 Ziff Davis sum-of-the-parts 46:52 Andrew on distressed SaaS ideas 48:22 Lionsgate and media consolidation 51:53 Lionsgate as an acquisition target Links: Yet Another Value Blog: https://www.yetanothervalueblog.com Stock Spin-Off…
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