JP Morgan Maintains Overweight on Liberty Global

JP Morgan remains rated Overweight on Liberty Global LBTYA on strong Q4 momentum and expected outlook commentary from the company. JP Morgan says, "LBTYA has reported robust 4Q results, with rebased rev growth 4.7% y/y (JPMe +4.6%) a welcome acceleration vs. the ~4% run rate year to date. OCF growth +4.8% y/y despite Chile mobile drag. A strong 380k RGU adds in 4Q after 3Q already delivered a material step up. LBTYA has treated Austar as a discontinued operation with 4Q results. In ‘11 LGI generated $791m adj-FCF (+20% y/y), beating guidance for mid-teens growth. LGI targets a further $1bn stock repurchase program for ‘12e. ‘12e outlook commentary is limited so far; capex/sales is anticipated 18-20% at UPC group (JPMe >20% incl. of Unitymedia and KBW), which we see as reassuring." LBTYA closed at $48.45 a share on Wednesday.