$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe

Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up.

Chapters:

00:00 Introduction and Liberty Global thesis

01:44 Sponsor: AlphaSense earnings season

04:49 Rich's bull case for $LBTYK

07:46 Andrew on management credibility

09:05 Why a spin can unlock value

11:57 Buybacks: are they actually working?

15:19 Debt structure and the deleveraging path

17:14 Operational deterioration risk

19:52 Ziggo's subscriber losses

24:09 Malone and Fries: the track record

27:46 The Liberty Global board problem

31:22 The growth investment portfolio

32:59 Why Rich haircuts the portfolio

36:43 Formula E and venture exposure

38:35 The empire-building risk

40:55 Virgin Media O2 restructuring

42:11 Other spin-off setups worth a look

43:40 Ziff Davis sum-of-the-parts

46:52 Andrew on distressed SaaS ideas

48:22 Lionsgate and media consolidation

51:53 Lionsgate as an acquisition target

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

Stock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.com

Legal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant: https://thepodcastconsultant.com/