Loading…
Loading…
Liberty Global is moving faster than expected with the Ziggo Group spin-off, yet the stock still fell to single digits. I wanted to know why. My first suspect was Starlink. The satellite capacity math ruled it out, and I show why. The answer turned out to be hiding in plain sight, on management's own valuation slide: VMO2 isn't on it.
DENVER and LONDON, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) today announced the completion of its acquisition of Vodafone Group Plc's 50% shareholding in VodafoneZiggo, paving the way for the creation of Ziggo Group, the Benelux connectivity champion with 13 million customers and €6.6bn of revenue*.
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.
DENVER, June 02, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced plans to release its second quarter 2026 results on the morning of Friday, July 24, 2026.
Liberty Global on Monday said Stephen van Rooyen, the boss of VodafoneZiggo, would lead Ziggo Group, its new Benelux telecoms company that combines its Netherlands and Belgium operations in a company that has 13 million customers.
Current Sunrise CFO, Jany Fruytier, will take on the role of Chief Financial Officer of the combined group Both bring deep industry experience and will take up their roles on September 1st to lead preparations for the planned listing of Ziggo Group in Amsterdam in 2027 Ziggo Group brings VodafoneZiggo in the Netherlands and Telenet in Belgium together into a single Benelux group with a total of around 13m customers and €6.6bn ($7.7bn) of revenue*, with both businesses continuing to operate under their existing brands and leadership teams DENVER and LONDON, June 01, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that it intends to appoint VodafoneZiggo CEO Stephen van Rooyen as Chief Executive Officer of Ziggo Group, a newly-formed Benelux telecommunications company that will combine VodafoneZiggo in the Netherlands and Telenet in Belgium, creating a scaled regional telecoms champion with 13m customers and €6.6bn ($7.7bn) of revenue.
Liberty Global trades at a significant discount to its sum-of-the-parts valuation, with the current share price largely covered by holding company cash and the discounted Liberty Growth investment portfolio alone. The planned 2027 spin-off and Amsterdam listing of Ziggo Group represents the key value-unlocking catalyst. Despite competitive and leverage-related risks across EU telecom markets, the company offers an asymmetric risk-reward profile. Therefore, we are buyers.
Liberty Global remains a Strong Buy, driven by a well-defined spin-off catalyst and management's SOTP valuation aligning with my $27 base case. Operational momentum in Ziggo Group and Telenet, plus regulatory tailwinds from new EU merger guidelines, de-risks the spin-off and supports upside. Risks include a European recession, high subsidiary leverage (4-5x EBITDA), and paused buybacks due to cash restrictions, but partial sector hedges can mitigate exposure.