J.P. Morgan: Material Forecast Changes Not Expected From LBTYA Following $1bn Buyback

Liberty Global, Inc. LBTYA 4Q sales are $2.43bn (rebased growth +5.2% y/y), OCF $1070m (rebased +5.7% y/y) with revs in line with expectations but EBITDA -2% below JPMe on lower Telenet, Austar, Chile, J.P. Morgan reports. “KPI trends were broadly inline with expectations with strong momentum in telephony adds balanced by a little softness in TV and broadband vs. 4Q09,” J.P. Morgan writes. “LGI targets a $1bn buyback (10% of market cap) in 2011, which is a positive surprise after the '10 buyback (also $1bn) was announced in stages through the year - this should reassure after management recently talked up the M&A opportunities. We don't expect material forecasts changes on these results.” Liberty Global, Inc. closed Thursday at $41.73.