Liberty Global Plc

LBTYA

Cable & Other Pay Television Services

Mkt Cap

$6.158B

PE

-2.18

Debt

$16.34B

Cash

$1.14B

EV

$21.36B

FCF

$744.2M

Market Cap

$6.158B

P/E Ratio

-2.18

Debt

$16.34B

Cash

$1.14B

EV

$21.36B

FCF

$744.2M

Charts data: {"Earnings":[{"time":"2014-12-30","value":-695000000},{"time":"2015-12-30","value":-1152500000},{"time":"2016-12-30","value":1705300000},{"time":"2017-12-30","value":-2778100000},{"time":"2018-12-30","value":725300000},{"time":"2019-12-30","value":11521400000},{"time":"2020-12-30","value":-1628000000},{"time":"2021-12-30","value":13426800000},{"time":"2022-12-30","value":1473200000},{"time":"2023-12-30","value":-4051700000}],"Sales":[{"time":"2014-12-30","value":18248300000},{"time":"2015-12-30","value":18280000000},{"time":"2016-12-30","value":20008800000},{"time":"2017-12-30","value":15048900000},{"time":"2018-12-30","value":11957900000},{"time":"2019-12-30","value":11541500000},{"time":"2020-12-30","value":11980100000},{"time":"2021-12-30","value":10311300000},{"time":"2022-12-30","value":7195700000},{"time":"2023-12-30","value":7491400000}],"Net Margins":[{"time":"2014-12-30","value":-0.03808573949354187},{"time":"2015-12-30","value":-0.06304704595185996},{"time":"2016-12-30","value":0.08522749990004398},{"time":"2017-12-30","value":-0.18460485483988864},{"time":"2018-12-30","value":0.060654462740113234},{"time":"2019-12-30","value":0.9982584586059005},{"time":"2020-12-30","value":-0.13589202093471675},{"time":"2021-12-30","value":1.3021442495126705},{"time":"2022-12-30","value":0.20473338243673306},{"time":"2023-12-30","value":-0.5408468377072376}],"Assets":[{"time":"2014-12-30","value":72841900000},{"time":"2015-12-30","value":67867200000},{"time":"2016-12-30","value":68684100000},{"time":"2017-12-30","value":57596800000},{"time":"2018-12-30","value":53153600000},{"time":"2019-12-30","value":49046300000},{"time":"2020-12-30","value":59092700000},{"time":"2021-12-30","value":46917000000},{"time":"2022-12-30","value":42895000000},{"time":"2023-12-30","value":42087900000}],"Stockholders Equity":[{"time":"2014-12-30","value":14714500000},{"time":"2015-12-30","value":10652400000},{"time":"2016-12-30","value":14732000000},{"time":"2017-12-30","value":6805000000},{"time":"2018-12-30","value":4681400000},{"time":"2019-12-30","value":13606200000},{"time":"2020-12-30","value":13662600000},{"time":"2021-12-30","value":25934900000},{"time":"2022-12-30","value":22573400000},{"time":"2023-12-30","value":19062600000}],"ROE":[{"time":"2014-12-30","value":-0.0472323218593904},{"time":"2015-12-30","value":-0.10819158123990838},{"time":"2016-12-30","value":0.11575481944067337},{"time":"2017-12-30","value":-0.40824393828067596},{"time":"2018-12-30","value":0.15493228521382493},{"time":"2019-12-30","value":0.8467757345915833},{"time":"2020-12-30","value":-0.11915740781403247},{"time":"2021-12-30","value":0.5177116549514361},{"time":"2022-12-30","value":0.06526265427450008},{"time":"2023-12-30","value":-0.21254708172022704}],"ROA":[{"time":"2014-12-30","value":0.03058953706589202},{"time":"2015-12-30","value":0.03461465921682344},{"time":"2016-12-30","value":0.04078527635944855},{"time":"2017-12-30","value":0.0338126423690205},{"time":"2018-12-30","value":0.015786324914963425},{"time":"2019-12-30","value":0.015199923337744132},{"time":"2020-12-30","value":0.0358369138658413},{"time":"2021-12-30","value":0.29841635228168895},{"time":"2022-12-30","value":0.033202004895675485},{"time":"2023-12-30","value":-0.005809270597962835}]}

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; internet services; security solutions, such as anti-virus, anti-spyware, firewall, and spam protection; smart home services; online storage solutions; web spaces; and Connect Box that delivers in-home Wi-Fi service. The company also provides various tiers of digital video programming and audio services, as well as digital video recorders and multimedia home gateway systems; Horizon 4, a cloud-based, multi-screen entertainment platform that combines linear television, including recording and replay features and video-on-demand services; Horizon Go, an online mobile app; 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 offices, small businesses, 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.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Liberty Global Plc

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$744.2M	$645.1M	$559.3M	$484.8M	$420.3M	$364.3M	$315.8M	$273.8M	$237.3M	$205.7M	$178.4M	$1.784B
DCF		$561M	$422.9M	$318.8M	$240.3M	$181.1M	$136.5M	$102.9M	$77.59M	$58.48M	$44.09M	$440.9M
Value	$2.585B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 44%

Earnings Stability -29%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-6.3%	8.5%	-18%	6.1%	100%	-14%	130%	20%	-54%	-37%
ROA	3.5%	4.1%	3.4%	1.6%	1.5%	3.6%	30%	3.3%	-0.58%	0.67%
ROE	-11%	12%	-41%	15%	85%	-12%	52%	6.5%	-21%	-15%

What is the average Net Margin?

The average Net Margin over the past 5 years is +31.48%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -11.29%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +6.54%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.6%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +20.88%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -10.13%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	15.47	14.08	12.35	7.58	9.83	5.69	7.32	9.49	21.37	21.96
Debt Equity	4.66	3.15	6.82	7.14	2.36	1.18	0.60	0.65	0.87	0.89
MIN
Graham Stability	-	-	-	-	-	-52%	100%	19%	-92%	-92%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 21.96.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 1.99.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.92.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	-13%	-8.9%	-14%	4.1%	-0.95%
Net Income	-	-	-	-	-530%
Stockholders Equity	3.8%	32%	12%	-16%	3.6%
FCF	-19%	-29%	-35%	-49%	-7.3%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -8.93%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.95%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -525.84%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +32.42%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +3.56%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -29.28%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -7.28%.