2024-07-26 16:00:22 ET
Liberty Global Ltd (LBTYA)
Q2 2024 Earnings Conference Call
July 26, 2024 09:00 ET
Company Participants
Michael Fries - Vice Chairman, President & Chief Executive Officer
Charles Bracken - Executive Vice President & Chief Financial Officer
Lutz Schüler - Chief Executive Officer, Virgin Media
John Malone - Chairman
André Krause - Chief Executive Officer, Sunrise UPC Business
Andrea Salvato - Executive Vice President & Chief Development Officer
Ritchy Drost - Chief Financial Officer
Conference Call Participants
Carl Murdock-Smith - Berenberg
Maurice Patrick - Barclays
Ulrich Rathe - Bernstein Societe Generale Group
Polo Tang - UBS
David Wright - Bank of America
Joshua Mills - BNP Paribas
Luigi Minerva - HSBC
James Ratzer - New Street Research
Matthew Harrigan - The Benchmark Company
Presentation
Operator
Good morning, ladies and gentlemen and thank you for standing by. Welcome to Liberty Global's Second Quarter 2024 Investor Call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the express written consent of Liberty Global is strictly prohibited. [Operator Instructions]
Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at libertyglobal.com. After today's formal presentation, instructions will be given for a question-and-answer session. Page 2 of the slides details the company's Safe Harbor statement regarding forward-looking statements. Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact. These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed Forms 10-Q and 10-K as amended. Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based.
I would now like to turn the call over to Mr. Mike Fries.
Michael Fries
Okay. Hello, everyone. Thanks for joining the call today. We've got a lot of ground to cover, so I'm going to jump right into prepared remarks. My senior team is also on the line as usual. So I'll be involving them in the Q&A when we get there. So I'm starting on our Q2 highlights slide. On our year-end call in February, you'll all remember that we laid out what I think is a clear strategic plan which included 3 core elements: first of all, maximizing the intrinsic value of our FMC operations, that's critical; second, using the Ventures portfolio to create liquidity to support those operations and to invest in strategic platforms and then most importantly, putting all that together to both create and deliver value to you, shareholders.
At the top of this slide, we provide an update on each of these core initiatives beginning with Switzerland, where the Sunrise spin which we have talked quite a bit about, is on track for the fourth quarter of this year. The purpose here is to hand shareholders a significant and well-deserved dividend of what analysts are estimating is around $12 per Liberty Global share. As a reminder, Sunrise represents only about 20% of our proportionate EBITDA and that excludes, of course, the value that might be attributed to cash and Ventures in our stock price. Now those Sunrise valuations of $12 of Liberty Global share are supported by CHF1.5 billion of deleveraging that we will fund pre-spin and it's supported by a commitment for Sunrise to pay an annual dividend of CHF240 million beginning next year in 2025. So those 2 things are anchoring at $12 per share. Now we scheduled the Sunrise Capital Markets Day....
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Liberty Global Ltd (LBTYA) Q2 2024 Earnings Call Transcript