Liberty Latin America (LILA) is a neglected spin-off of Liberty Global (LBTYA) driven by the market's perceived operating complexity - a hurdle for many investors given the range of geographies and reporting standards within the entity. The company's strategy is to sustain its market dominance and become a scaled competitor with diversified products and country exposure. At the same time, there is a potential for continued consolidation owing to the growing opportunities in these markets. Eventually, this should translate to strong FCF generation in the future and a potential re-rating. I believe fair value is