Liberty Global (NASDAQ:LBTYK – Get Free Report) and Newsmax (NYSE:NMAX – Get Free Report) are both consumer discretionary companies, but which is the better stock? We will compare the two companies based on the strength of their profitability, analyst recommendations, valuation, institutional ownership, dividends, earnings and risk. Get Liberty Global alerts: Analyst RatingsThis is a breakdown of current ratings and target prices for Liberty Global and Newsmax, as reported by MarketBeat.com. Sell RatingsHo ...

Liberty Global Ltd (LBTYA, LBTYB, LBTYK) reported fiscal 2025 consolidated loss from continuing operations of $7.1 billion, compared to a profit of $1.9 billion in the previous fiscal year. Total consolidated adjusted EBITDA increased by 9.9% to $1.3 billion. Total consolidated revenue grew by 12.4% to $4.9 billion. Fourth quarter consolidated consolidated loss from continuing operations was $2.9 billion compared to profit of $2.3 billion, a year ago. Total consolidated adjusted EBITDA was $278.6 million, ...

Revenue Performance - Liberty Global reported Q4 2025 revenue of $1,231.1 million, a 9.6% increase year-over-year, and full-year revenue of $4,878.5 million, up 12.4% from 2024[4] - Telenet achieved Q4 revenue of $842.3 million, a 7.8% increase year-over-year, and full-year revenue of $3,207.9 million, up 4.0% from 2024[4] - VMO2 JV reported Q4 revenue of $3,399.4 million, a 2.3% decrease year-over-year, with full-year revenue of $13,335.2 million, also down 2.3%[4] - VodafoneZiggo achieved revenue of $1,186.4 million in Q4, representing a 6.5% year-over-year increase on a reported basis, but a 2.3% decline on a rebased basis[19] - Telenet reported revenue of $842.3 million in Q4, marking a 7.8% year-over-year increase on a reported basis, but a 1.3% decline on a rebased basis[27] - Virgin Media Ireland's revenue was $134.0 million in Q4, which is a 4.2% year-over-year increase on a reported basis, but a 4.5% decline on a rebased basis[34] Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $278.6 million in Q4, a 12.4% increase year-over-year, and $1,275.0 million for the full year, up 9.9% from 2024[4] - Adjusted EBITDA for VodafoneZiggo was $495.7 million in Q4, reflecting a 5.8% year-over-year increase on a reported basis and a 3.4% decline on a rebased basis[19] - Telenet's adjusted EBITDA was $305.4 million in Q4, showing a 1.8% year-over-year decline on a reported basis and a 9.9% decline on a rebased basis[27] - Virgin Media Ireland's adjusted EBITDA reached $59.9 million in Q4, reflecting a 17.0% year-over-year increase on a reported basis and a 7.3% increase on a rebased basis[34] - Adjusted EBITDA for total consolidated operations rose by 12.4% to $278.6 million in Q4 2025, compared to $247.8 million in Q4 2024[40] Cash Flow and Liquidity - Liberty Global's cash position at the end of 2025 was $2.2 billion, reflecting disciplined capital allocation and upstreaming of JV dividends[3] - The company achieved an Adjusted Free Cash Flow of £393.1 million, aligning with guidance of £350-400 million[14] - Cash provided by operating activities decreased by 5.4% to $630.9 million in Q4 2025 compared to $667.1 million in Q4 2024[37] - Distributable Cash Flow from continuing operations fell by 69.5% to $161.9 million in Q4 2025 from $530.6 million in Q4 2024[37] - Adjusted Free Cash Flow from continuing operations decreased by 52.8% to $152.9 million in Q4 2025 compared to $324.2 million in Q4 2024[37] Subscriber Metrics - Liberty Global's broadband net losses improved sequentially to 16,700, despite ongoing competitive pressures[14] - VodafoneZiggo's broadband net losses improved to 11,900 in Q4, indicating higher sales and lower churn due to new pricing strategies[19] - Telenet achieved broadband net adds of 12,400 in Q4, supported by the growth of BASE FMC in the South[29] - Virgin Media Ireland's postpaid net adds were 1,500 in Q4, marking the fourth consecutive quarter of growth in this segment[34] - Total mobile subscribers for consolidated reportable segments reached 2,966,400 as of December 31, 2025, showing a decrease of 6,300 from the previous quarter[45] Debt and Financial Obligations - Total principal amount of debt and finance leases for Telenet was $8.6 billion, with an average debt tenor of 3.1 years[36] - As of December 31, 2025, total third-party debt and lease obligations amounted to £22,117.4 million, slightly increasing from £22,116.9 million as of September 30, 2025[57] - The blended fully-swapped debt borrowing cost was 5.2% with an average tenor of third-party debt at 4.8 years as of December 31, 2025[55] - The total covenant amount of third-party net debt was £16,703.9 million as of December 31, 2025[57] - The net senior debt to annualized adjusted EBITDA ratio was 3.71x as of December 31, 2025[58] Capital Expenditures - Total consolidated property and equipment additions were $1,362.8 million for the year ended December 31, 2025, up from $1,061.9 million in 2024, representing a 28.4% increase[97] - Capital expenditures (P&E Additions) increased by 35.5% in Q4 2025, totaling €271.9 million compared to €200.6 million in Q4 2024[62] - Total P&E additions, including ROU asset additions, decreased by 6.6% to £573.9 million[53] - P&E Additions for the year ended December 31, 2025, were $1,362.8 million, up from $1,061.9 million in 2024, an increase of 28.3%[138] Operational Performance - The company reported a loss from continuing operations of $2,916.2 million in Q4 2025, compared to a profit of $2,334.2 million in Q4 2024[138] - The company incurred foreign currency transaction losses of $39.8 million in Q4 2025, compared to gains of $1,958.6 million in Q4 2024[138] - Adjusted EBITDA less P&E Additions for the year ended December 31, 2025, was $(87.8) million, compared to $97.9 million in 2024, indicating a decline in operational efficiency[138] Market Position and Strategy - The company plans to continue investing heavily in its fixed and mobile networks while streamlining its B2B product portfolio[12] - VMO2 expanded its full fiber footprint to 8.3 million premises and increased 5G outdoor coverage to 87%, a 12 percentage point increase year-over-year[7] - The company expects to close the sale of UPC Slovakia in the first half of 2026, contributing estimated proceeds to future financials[99]

Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company reported a loss from continuing operations of $7,096.7 million for 2025, compared to a profit of $1,869.1 million in 2024[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - Telenet's revenue rose by $123.5 million, or 4.0%, driven by a $15.8 million increase in ARPU despite a decrease in the average number of customers[314]. - VM Ireland's total revenue increased by $3.4 million, or 0.7%, with a notable organic decrease of $17.6 million, primarily due to a decline in residential fixed subscription revenue[315]. - Other revenue surged by $410.2 million, or 36.1%, from $1,136.3 million in 2024 to $1,546.5 million in 2025, indicating successful diversification strategies[323]. - The share of results from affiliates showed a net loss of $3,186.9 million in 2025, compared to a loss of $205.6 million in 2024, largely driven by the VMO2 JV's performance[360]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - Liberty Telecom serves residential and business customers in Belgium, Ireland, and Slovakia, with a total of 5,260,500 homes passed and 2,314,500 fixed-line customer relationships[29]. - As of December 31, 2025, Liberty Telecom had 2,088,500 broadband subscribers and 4,711,100 total RGUs across its consolidated operations[37]. - The VMO2 joint venture reported 16,226,100 homes passed and 5,789,300 fixed-line customer relationships, with 36,309,300 mobile subscribers[37]. Revenue Streams and Growth - The company aims to achieve organic revenue and customer growth by developing bundled services and upgrading network quality, excluding foreign currency translation effects and acquisition impacts[297]. - B2B revenue increased by $56.3 million, or 6.7%, from $842.8 million in 2024 to $899.1 million in 2025, reflecting growth in both subscription and non-subscription revenue[323]. - Residential fixed revenue grew by $57.1 million, or 3.3%, driven by a $59.0 million increase in broadband internet subscription revenue[323]. - Non-subscription revenue for total residential fixed revenue increased by $6.0 million, or 27.8%, indicating a positive trend in ancillary services[323]. Costs and Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with $193.7 million attributed to the Formula E Acquisition[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with a core network and IT-related cost increase of $51.5 million or 29.3%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with $58.1 million attributed to the Formula E Acquisition[338]. Foreign Currency and Economic Factors - The company experienced a significant foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024[310]. - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to subscribers[308]. - The company’s revenue is primarily derived from jurisdictions that administer VAT or similar taxes, which could adversely affect revenue growth if tax increases occur[306]. Debt and Cash Flow - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - Net cash provided by operating activities decreased from $1,331.2 million in 2024 to $1,211.1 million in 2025, a decline of $120.1 million[405]. - Adjusted free cash flow for 2025 was negative at $(274.0) million, compared to positive $311.7 million in 2024[414]. Strategic Initiatives and Future Outlook - The company is focused on sustainability, with commitments to achieve Net Zero targets for 2040 across most of its operations, including Telenet and VodafoneZiggo JV[34]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps by 2026, enhancing its broadband service offerings[44]. - Telenet's fiber network expansion plans include covering 70% of its footprint with FTTH by 2030 and 78% by 2038[64]. - The company anticipates an increase in property and equipment additions for 2026 compared to 2025, although actual amounts may vary due to several factors[409]. Joint Ventures and Affiliates - The VMO2 JV reported revenue of $13,335.2 million in 2025, a decrease from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[361]. - The VodafoneZiggo JV generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, with adjusted EBITDA decreasing to $1,977.7 million from $2,033.9 million[363].

Group 1 - Liberty Global has agreed to sell UPC Slovakia to O2 Slovakia for approximately €95 million ($110 million) [1][2] - The sale price reflects a multiple of about 7x UPC Slovakia's estimated 2025 Adjusted EBITDA and approximately 15x when considering Adjusted EBITDA less P&E Additions [2] - UPC Slovakia serves over 600,000 households in 80 cities, offering internet speeds of up to 2.5 Gbps [2] Group 2 - Liberty Global operates through three platforms: Liberty Telecom, Liberty Growth, and Liberty Services [3] - Liberty Telecom provides over 80 million fixed and mobile connections across Europe, generating approximately $21.6 billion in revenue [4] - Liberty Growth invests in scalable businesses across various sectors, with a portfolio valued at $3.4 billion [5] - Liberty Services generates around $600 million in annual revenue, primarily from consolidated businesses and joint ventures [5]

Group 1 - Liberty Global Ltd. (NASDAQ:LBTYK) is considered a strong investment opportunity, with an average price target suggesting a 22% upside and a Street high indicating a potential upside of 216% [1][3] - Seth Klarman's hedge fund holds 21.65 million Class C common shares of Liberty Global, valued at approximately $254.5 million, representing 5.31% of the total portfolio [1] - Analyst David Wright from BofA Securities has assigned a Sell rating on Liberty Global with a price target of $13.90 [2] Group 2 - Liberty Global announced plans to invest in ElevenLabs, a leading voice AI company, which will help scale its voice model globally [3][4] - The investment is facilitated through Liberty Global Ventures, which aims to support transformational tech infrastructure companies [4] - Rebecca Hunt, a Partner at Liberty Global Ventures, emphasized the significance of voice technology as a major interface and the company's commitment to backing innovative teams in this space [4]

Revenue Performance - Liberty Global reported Q3 2025 total consolidated revenue of $1,207.1 million, a 12.9% increase year-over-year[9]. - Liberty Telecom's consolidated revenue reached $927.1 million, up 2.4% from Q3 2024, with broadband and postpaid mobile operations showing improved net adds[5]. - Liberty Growth's revenue surged to $59.7 million, a 290.2% increase year-over-year, driven by significant growth in Formula E's fanbase and TV viewership[5]. - Revenue excluding handsets was £2,154.4 million, a decrease of 1.1% YoY on a reported and rebased basis[19]. - Revenue for VodafoneZiggo was $1,156.8 million, an increase of 2.3% YoY on a reported basis but a decrease of 3.9% on a rebased basis[24]. - Telenet's revenue was $804.9 million, an increase of 2.5% YoY on a reported basis but a decrease of 3.6% on a rebased basis[29]. - Virgin Media Ireland's revenue was $122.2 million, an increase of 2.0% YoY on a reported basis but a decrease of 3.9% on a rebased basis[36]. - Total revenue decreased by 5.6% year-over-year to £2,549.3 million for the three months ended September 30, 2025[55]. - Total revenue for Q3 2025 was €989.8 million, a decrease of 3.9% compared to €1,029.5 million in Q3 2024[64]. - Total revenue for Q3 2025 was €688.7 million, a decrease of 3.6% compared to €714.3 million in Q3 2024[72]. - Total revenue for Q3 2025 was €104.6 million, a decrease of 3.9% compared to €108.9 million in Q3 2024[83]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global was $336.5 million, reflecting a 1.5% increase compared to Q3 2024, with a projected improvement in 2026 negative Adj. EBITDA to approximately $100 million, a 50% reduction from previous estimates[5][6]. - VMO2 achieved an Adjusted EBITDA of $1,250.3 million, a 6.8% increase year-over-year, supported by lower operating expenses despite challenges in B2B fixed revenue[16]. - Adjusted EBITDA was £1,015.8 million, an increase of 2.2% YoY on a reported and rebased basis[19]. - Adjusted EBITDA for VodafoneZiggo was $522.2 million, a decrease of 1.1% YoY on a reported basis and 6.9% on a rebased basis[24]. - Telenet's adjusted EBITDA was $358.9 million, a decrease of 0.6% YoY on a reported basis and 6.5% on a rebased basis[29]. - Adjusted EBITDA for Q3 2025 was $336.5 million, a 1.5% increase from $331.4 million in Q3 2024[42]. - U.S. GAAP Adjusted EBITDA for Q3 2025 was £928.8 million, up from £900.7 million in Q3 2024, representing a growth of 3.0%[130]. - IFRS Adjusted EBITDA for the nine months ended September 30, 2025, reached £2,914.1 million, slightly increasing from £2,907.5 million in the same period of 2024[130]. - U.S. GAAP Adjusted EBITDA for Telenet in Q3 2025 was €307.0 million, down from €328.3 million in Q3 2024, reflecting a decrease of 6.5%[137]. - IFRS Adjusted EBITDA for Telenet for the nine months ended September 30, 2025, was €1,010.3 million, consistent with €1,010.5 million in the same period of 2024, showing stability[137]. Cash Flow and Debt - Total principal amount of debt and finance leases was $8.5 billion, with an average debt tenor of 3.3 years[38]. - Adjusted free cash flow for Telenet is projected to be between -€180.0 million and -€150.0 million[32]. - Operating cash flow decreased by 5.4% to $301.8 million for Q3 2025 compared to $319.1 million in Q3 2024[39]. - Distributable Cash Flow from continuing operations was negative at $(84.5) million for Q3 2025, a decrease of 207.4% compared to $78.7 million in Q3 2024[39]. - The company reported a significant increase in cash used by investing activities, which was $(360.9) million for Q3 2025, compared to $152.1 million in Q3 2024[39]. - Cash and cash equivalents decreased to €(215.9) million as of September 30, 2025, compared to €(140.6) million as of June 30, 2025[65]. - Total third-party debt and finance lease obligations amounted to €10,639.7 million as of September 30, 2025, down from €10,716.8 million as of June 30, 2025[68]. - The company had maximum undrawn commitments of €800 million under its Revolving Facilities as of September 30, 2025[70]. - The leverage ratio (Net Total Debt to Annualized Adjusted EBITDA) was 5.43x as of September 30, 2025[87]. - The company reported a net senior debt to annualized adjusted EBITDA ratio of 3.77x as of September 30, 2025[61]. Customer Metrics - Total mobile subscribers for consolidated reportable segments reached 2,972,700 as of September 30, 2025, with Telenet contributing 2,828,300 and VM Ireland contributing 144,400[45]. - The total number of customer relationships for consolidated reportable segments was 2,323,300 as of September 30, 2025, with Telenet having 1,938,700 and VM Ireland having 384,600[45]. - Organic fixed-line customer relationships saw a net loss of 29,300 in Q3 2025, compared to a gain of 15,000 in Q3 2024[54]. - Broadband subscribers decreased by 26,300 quarter-over-quarter, with a total of 5,704,300 subscribers as of September 30, 2025[54]. - Postpaid mobile subscribers decreased by 36,300 quarter-over-quarter, totaling 15,763,300 subscribers[54]. - Postpaid mobile subscribers reached 5,337,100 as of September 30, 2025, with organic net additions of 17,200 in Q3 2025[63]. - Converged households as a percentage of broadband RGUs stood at 41.6%[54]. - Converged households as a percentage of broadband RGUs increased to 9.1% from 8.9% YoY[82]. Capital Expenditures - Total P&E additions, including ROU asset additions, decreased by 31.3% to £560.2 million[55]. - For the three months ended September 30, 2025, total consolidated property and equipment additions were $327.6 million, compared to $262.9 million for the same period in 2024, representing a growth of 24.6%[101]. - Total capital expenditures for the nine months ended September 30, 2025, were $905.5 million, an increase from $611.9 million in the same period in 2024[101]. - U.S. GAAP P&E Additions for Q3 2025 totaled £480.0 million, down from £529.2 million in Q3 2024, reflecting a decrease of 9.0%[130]. - IFRS P&E Additions for the nine months ended September 30, 2025, were £1,660.1 million, a decrease from £2,026.3 million in the same period of 2024, showing a decline of 18.1%[130]. Strategic Initiatives - The company is targeting $500-750 million in non-core asset disposals, with approximately $300 million in proceeds year-to-date from a partial ITV stake sale[5]. - VMO2 launched giffgaff broadband, enhancing its multi-brand strategy in the fixed market, and completed the O2 Daisy merger, aiming for operational synergies of around £600 million[16]. - The company anticipates a significant improvement in its corporate operating model, driving cost efficiencies and positioning Liberty Blume and Liberty Tech for future value creation[5]. - The company’s Liberty Growth strategic platform includes investments in scalable technology, media, sports, and digital infrastructure companies[120].

Customer Base and Market Environment - As of September 30, 2025, the company served 11,443,800 fixed-line customers and 44,970,800 mobile subscribers, with networks passing 29,073,400 homes[250] - The competitive environment has adversely impacted revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber (ARPU)[251] - The company experienced competition across all markets, adversely impacting customer growth and ARPU[261] - The economic environment in the countries of operation is influenced by various factors beyond the company's control, potentially leading to inflation[252] Financial Performance - Loss from continuing operations for Q3 2025 was $83.4 million, compared to a loss of $1,423.7 million in Q3 2024[260] - Total consolidated revenue for Q3 2025 was $1,207.1 million, a 12.9% increase from $1,069.5 million in Q3 2024[263] - Total consolidated Adjusted EBITDA for the nine months ended September 30, 2025, was $996.4 million, up from $912.0 million in the same period of 2024, representing an increase of 9.3%[260] - Telenet's revenue for Q3 2025 was $804.9 million, a 2.5% increase from $785.2 million in Q3 2024, while VM Ireland's revenue increased by 2.0% to $122.2 million[263] Revenue Breakdown - The company derives revenue primarily from residential and B2B communications services through its reportable segments, including Telenet and VM Ireland[257] - Total residential revenue increased by $27.6 million (4.6%) to $624.4 million for the three months ended September 30, 2025, compared to $596.8 million in 2024[274] - Total B2B revenue increased by $20.3 million (9.5%) to $233.3 million for the three months ended September 30, 2025, compared to $213.0 million in 2024[274] - The "Plus: all other category" revenue increased by $94.0 million, or 40.9%, in Q3 2025 compared to Q3 2024[263] Cost and Expense Analysis - Programming and other direct costs of services increased by $72.5 million or 22.6% for the three months and $210.3 million or 20.0% for the nine months ended September 30, 2025[284] - Other operating expenses (excluding share-based compensation) increased by $23.6 million or 12.5% for the three months and $63.3 million or 11.5% for the nine months ended September 30, 2025[288] - SG&A expenses increased, with specific increases in core network and IT-related costs of $10.7 million or 19.4% for the three months and $19.1 million or 15.9% for the nine months ended September 30, 2025[288] - General and administrative expenses rose by $37.9 million or 24.6% for the three months and $50.2 million or 10.4% for the nine months ended September 30, 2025[293] Joint Ventures and Affiliates - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, with results accounted for under the equity method[256] - VMO2 JV reported an Adjusted EBITDA of $1,250.3 million for the three months ended September 30, 2025, an increase of $79.4 million (6.8%) from $1,170.9 million in 2024[270] - The VodafoneZiggo joint venture generated revenue of $1,156.8 million for the three months ended September 30, 2025, slightly up from $1,131.1 million in 2024, with Adjusted EBITDA of $522.2 million compared to $527.8 million[318] Cash Flow and Liquidity - The total cash and cash equivalents as of September 30, 2025, amounted to $1,674.2 million, with $1,160.8 million held by borrowing groups[337] - Net cash provided by operating activities decreased to $580.2 million for the nine months ended September 30, 2025, down from $664.1 million in 2024, representing a decline of $83.9 million[358] - Net cash used in investing activities was $(607.8) million for the nine months ended September 30, 2025, a decrease of $1,327.7 million compared to $719.9 million in 2024[359] - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA[353] Foreign Currency Impact - Changes in foreign currency exchange rates significantly impact reported operating results, particularly exposure to the euro[255] - The company experienced a foreign currency transaction gain of $3,160.9 million for the nine months ended September 30, 2025, compared to a gain of $202.1 million in the same period in 2024[260] - For the three months ended September 30, 2025, the company reported total foreign currency transaction gains of $10.0 million, compared to a loss of $934.9 million in the same period of 2024[308] Impairments and Restructuring - The company recognized impairment, restructuring, and other operating items of $22.0 million and $25.8 million for the three and nine months ended September 30, 2025, respectively[299] - The restructuring program initiated in Q3 2025 included $17.3 million in costs related to employee terminations[300] - The company experienced significant competition in the VodafoneZiggo joint venture, which may lead to potential impairments in future periods[319] Taxation - The income tax benefit for the three months ended September 30, 2025, was $46.9 million, compared to a benefit of $11.2 million in the same period of 2024[322] - The net negative impact on income tax benefits was primarily due to non-deductible foreign currency exchange results and permanent differences in financial and tax accounting treatments[326][327] - The financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates contributed to the discrepancies in expected income tax benefits[326][327]

Core Points - Liberty Global Ltd. announced that Dr. John C. Malone will step down as Chairman of the Board effective January 1, 2026 [1] - Dr. Malone will transition to the role of Chairman Emeritus, continuing to provide counsel and strategic insight to the company [1] - In his new role, Dr. Malone may attend board meetings but will not have a formal vote on board matters [1]

Core Viewpoint - Analysts project an 11.86% upside for the JPMorgan BetaBuilders US Mid Cap Equity ETF (BBMC) based on its underlying holdings, with an implied target price of $116.29 per unit compared to its recent trading price of $103.96 [1][2]. Group 1: ETF and Analyst Target Prices - The implied analyst target price for BBMC is $116.29 per unit, indicating potential growth [1][3]. - BBMC is currently trading at $103.96, suggesting an upside of 11.86% based on analyst targets [2][3]. Group 2: Underlying Holdings with Notable Upside - Americold Realty Trust Inc (COLD) has a recent price of $13.20, with an average analyst target of $19.71, representing a 49.35% upside [2][3]. - LIBERTY GLOBAL LTD (LBTYK) is trading at $11.70, with a target price of $16.00, indicating a 36.74% upside [2][3]. - Mattel Inc (MAT) has a recent price of $17.93, with an average target of $24.50, reflecting a 36.64% upside [2][3]. Group 3: Analyst Justifications and Market Sentiment - Questions arise regarding whether analysts' targets are justified or overly optimistic, considering recent company and industry developments [3].