LIBERTY GLOBAL PLC

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Liberty Global CEO: UK wholesale broadband opportunity 'ripe for the picking'

11/18/2021 | 11:33am EDT
Fries, President and CEO of Liberty Global, delivers his keynote speech at Mobile World Congress in Barcelona

LONDON (Reuters) - Liberty Global Chief Executive Mike Fries said the opportunity to sell wholesale access to its British broadband network was "ripe for the picking", but the company's Virgin Media-O2 joint venture was in no rush to announce a deal.

"The wholesale opportunity is ripe for the picking," Fries told the Morgan Stanley European Technology, Media and Telecoms conference on Thursday.

"If there's anybody on this call that thinks that BT Openreach isn't going to have competition for wholesale: there's just zero probability of that."

He said emerging fibre broadband network builders in Britain would be hit by the roll-out plans of Virgin Media-O2 - jointly owned by Liberty Global and Telefonica - and BT.

"I think the window is slowly closing for many of these alt-nets," he said. "There's not enough wholesale customers to support their network construction. And they only have a fraction of the funding they actually need."

(Reporting by Paul Sandle; editing by Guy Faulconbridge)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LIBERTY LATIN AMERICA LTD. 2.12% 9.64 Delayed Quote.-17.32%
MORGAN STANLEY 1.71% 86.45 Delayed Quote.-11.93%
TELEFÓNICA, S.A. -0.10% 4.947 Delayed Quote.28.43%
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Financials (USD)
Sales 2022 7 293 M - -
Net income 2022 14,6 M - -
Net Debt 2022 11 061 M - -
P/E ratio 2022 72,0x
Yield 2022 -
Capitalization 12 952 M 12 952 M -
EV / Sales 2022 3,29x
EV / Sales 2023 3,18x
Nbr of Employees 11 200
Free-Float 93,1%
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Number of Analysts 21
Last Close Price 25,02 $
Average target price 37,01 $
Spread / Average Target 47,9%
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Managers and Directors
Michael Thomas Fries Vice Chairman, President & Chief Executive Officer
Charles Henry Rowland Bracken Co-Chief Financial Officer
John Carl Malone Director
Enrique Rodríguez Chief Technology Officer & Executive VP
Paul Alan Gould Independent Director
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