Stephen Malcolm's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2024
Question
Stephen Malcolm of Redburn Atlantic inquired about the status of the retail and marketing relationship between VMO2 and its nexfibre JV. He also raised concerns about the potential for low market cap and poor liquidity for Liberty Global's remaining entity post-Sunrise spin.
Answer
Lutz Schüler, CEO of VMO2, explained that the sales machine for nexfibre is ramping up quarter-over-quarter. Michael Fries, CEO of Liberty Global, addressed the post-spin concern by stating his expectation that the Sunrise transaction will force a re-rating of the remaining company. He acknowledged the liquidity point but said they would 'cross that bridge' if the market fails to re-rate the remaining assets.