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Josh Mills

Research Analyst at BNP Paribas

Joshua Mills is a Research Analyst at BNP Paribas based in London, specializing in telecommunications sector research. He covers major companies including Deutsche Telekom, Telefónica, and Liberty Global, with active engagement in earnings calls such as questioning Liberty Global on Ziggo Group's CapEx strategy and leverage reduction. On TipRanks, he holds an overall ranking of 4969 among Wall Street analysts, with a balanced record of 50% Buy, 25% Hold, and 25% Sell ratings. Mills maintains a Buy recommendation on Deutsche Telekom at a 35.00 target price, though specific career timeline, previous firms, and professional credentials are not detailed in available sources.

Josh Mills's questions to Liberty Global (LBTYA) leadership

Question · Q4 2025

Josh Mills asked if the new Ziggo Group's increased scale would alter the CapEx strategy for cable to fiber upgrades in the Netherlands, and whether the projected 4.5x leverage reduction for Ziggo Group was purely organic or if cash injections were planned before a spin-off.

Answer

Mike Fries, CEO of Liberty Global, confirmed that the network strategy for Holland and Belgium is set on DOCSIS 4.0, with no plans for fiber build in the Netherlands, thus no change to the CapEx profile. Charlie Bracken, CFO of Liberty Global, stated that deleveraging would come from organic growth, free cash flow, and asset sales (PropCo, Wyre stake), with no anticipated cash injections from Liberty Global prior to the spin-off.

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Question · Q4 2025

Josh Mills from BNP Paribas asked about the VodafoneZiggo transaction, specifically if the new Ziggo Group's scale would alter the cable-to-fiber upgrade strategy or if Telenet's learnings could be applied in the Netherlands. He also inquired if the roadmap to 4.5x leverage for Ziggo Group was purely organic or if Liberty Global would inject cash prior to a spin-off.

Answer

CEO Mike Fries clarified that VodafoneZiggo's network strategy remains DOCSIS 4.0, with no plans for fiber build in the Netherlands, thus CapEx profiles won't change. He confirmed deleveraging would be driven by organic growth, free cash flow, and asset sales (PropCo, Wire stake), with no anticipated capital injection from Liberty Global. CFO Charlie Bracken reiterated the EUR 500 million annual free cash flow target and the contribution of financial synergies and operational performance to the leverage goal.

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