Morningstar Rating

Stock Research and Analysis

by Allan C. Nichols, CFA

Bulls Say

Liberty Global provides diversified exposure to international cable assets. Many of the systems it owns enjoy penetration rates that are among the best in the world.
Over the past few years, the firm has sold assets in several countries, while acquiring them in others. Management's deep experience, coupled with its desire to wheel and deal, should add value for shareholders.
Starting in 2006, Liberty Global has regularly bought back its stock. In total, it has acquired over $9 billion worth, including about $1 billion of its currently approved $3.5 billion buyback through 2015. Read more 

Bears Say

Liberty has $41.5 billion in net debt, leaving little room for error. Its UGC division and predecessors to Virgin Media previously went bankrupt under the weight of their debt burden.
This is John Malone's company, and his interests may not be aligned with minority shareholders'.
Several of Liberty's assets are located in emerging markets and subject to volatile economics, currencies, and politics. Read more 

Management

Chairman John Malone is a legend in the cable television industry. He became CEO of TCI in 1973 and more recently was CEO of Liberty Media. Liberty Global was spun out of Liberty Media in 2004 and merged with United Globalcom in 2005, shortly after   Read more 

Profile

Liberty Global owns cable networks and a couple of small satellite operations in the U.K., the Netherlands, Switzerland, Austria, Belgium, Germany, Ireland, Hungary, Romania,  Read more 

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