𝐃𝐞𝐞𝐩 𝐕𝐚𝐥𝐮𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 — 𝐋𝐢𝐛𝐞𝐫𝐭𝐲 𝐆𝐥𝐨𝐛𝐚𝐥 ($LBTYA) Liberty Global closed Friday at **$𝟕.𝟖𝟎**. Its last reported book value was **$𝟐𝟕.𝟎𝟒 per share**. Investors can now buy the stock for roughly **𝟐𝟗 𝐜𝐞𝐧𝐭𝐬 𝐨𝐧 𝐞𝐯𝐞𝐫𝐲 𝐝𝐨𝐥𝐥𝐚𝐫 𝐨𝐟 𝐛𝐨𝐨𝐤 𝐯𝐚𝐥𝐮𝐞**. Something interesting happened this week. European regulators cleared the **€𝟔𝟔𝟗 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 sale** of VodafoneZiggo's Dutch towers. The proceeds are intended to reduce debt at VodafoneZiggo, rather than go directly into Liberty's corporate cash. And this is where the valuation gets interesting. Liberty owns several businesses worth billions, but the money from selling an asset does not necessarily end up at the parent company. There are lenders, refinancing requirements, other shareholders and Corporate costs to account for. Wyre is another important piece. Liberty owns interests in the network through two different structures, and a potential sale could help establish what those interests are actually worth. In our Deep Value Report, we valued the businesses separately, worked through the obligations ahead of shareholders and **𝐫𝐞𝐯𝐞𝐫𝐬𝐞 𝐞𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐞𝐝 𝐭𝐡𝐞 𝐬𝐡𝐚𝐫𝐞 𝐩𝐫𝐢𝐜𝐞** to understand what the market had already assigned to Wyre. The stock has fallen further since we completed that valuation. Whether this creates a sufficient margin of safety depends on what the remaining assets can actually deliver. **𝐎𝐮𝐫 𝐟𝐮𝐥𝐥 𝐋𝐢𝐛𝐞𝐫𝐭𝐲 𝐆𝐥𝐨𝐛𝐚𝐥 𝐃𝐞𝐞𝐩 𝐕𝐚𝐥𝐮𝐞 𝐑𝐞𝐩𝐨𝐫𝐭**, including our Bear, Base and Bull valuations, the assumptions behind them and what the share price already reflects, is available on FRAGMENTS. Here:cundilldeepvalue.substack.co…

𝗗𝗲𝗲𝗽 𝗩𝗮𝗹𝘂𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 — 𝗦𝘁𝗲𝗹𝗹𝗮𝗻𝘁𝗶𝘀 ($STLA) Stellantis trades around $𝟰.𝟯𝟳 per share. Its last reported book value works out to roughly $𝟮𝟰.𝟳𝟬 per share, using the exchange rate in my report. I understand why value investors are looking at this company. But I wouldn't buy an automaker simply because the shares trade so far below book value. Stellantis released its estimated Q3 shipments this week. Worldwide deliveries declined just 1%, but 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝘄𝗮𝘀 𝗱𝗼𝘄𝗻 𝟭𝟮%, 𝗘𝘂𝗿𝗼𝗽𝗲 𝘄𝗮𝘀 𝘂𝗽 𝟭𝟬%, and South America was practically flat. Ram improved in North America while Jeep shipments declined. Europe benefited from newer models and a substantial increase in Leapmotor deliveries. In South America, stronger shipments in Brazil were offset by weakness in Argentina. I pay attention to those differences because 𝗵𝗶𝗴𝗵𝗲𝗿 𝘀𝗵𝗶𝗽𝗺𝗲𝗻𝘁𝘀 𝗱𝗼𝗻'𝘁 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰𝗮𝗹𝗹𝘆 𝗺𝗲𝗮𝗻 𝗵𝗶𝗴𝗵𝗲𝗿 𝗽𝗿𝗼𝗳𝗶𝘁𝘀. The vehicles still have to sell, preferably without excessive incentives, and the cash has to come back into the business. Q2 produced €𝟭 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 of positive Industrial free cash flow, although the first half was still negative. Meanwhile, the Industrial financial position has changed considerably from the €𝟮𝟵.𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 Stellantis held at the end of 2023. At these prices, I am interested in what the business can earn once North America and Europe stabilize, how much cash the remaining restructuring will consume, and what portion of the reported assets ultimately belongs to ordinary shareholders after the other financial obligations are considered. I worked through those questions in the Stellantis Deep Value Report, including Financial Services, the hybrids, warranty, debt and several different recovery scenarios. 𝗧𝗵𝗲 𝗳𝘂𝗹𝗹 𝗦𝘁𝗲𝗹𝗹𝗮𝗻𝘁𝗶𝘀 𝗗𝗲𝗲𝗽 𝗩𝗮𝗹𝘂𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗶𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝘁𝗼 𝗽𝗮𝗶𝗱 𝗙𝗥𝗔𝗚𝗠𝗘𝗡𝗧𝗦 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗿𝘀. The next financial update comes on October 28. Here:cundilldeepvalue.substack.co…

𝐂𝐚𝐛𝐥𝐞 𝐎𝐧𝐞 $CABO — 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟎 Donald Graham has continued selling Cable One. Yesterday’s filing puts his reported beneficial ownership, including trust holdings, at 𝟒.𝟗𝟗%, down from 6.88% on October 14. He still reports 282,882 shares, so describing this as a complete exit would be wrong. Cable One’s operating cash flow left roughly $𝟗𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 after cash capital spending in the first half. Interest and cash taxes were already paid through that operating cash flow. Principal repayments still had to be funded, and refinancing at higher rates would reduce what remains even if the business stopped declining. The 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟐 hearing concerns the court order blocking the MBI acquisition. Cable One’s last estimate was roughly $480 million to purchase the remaining 55%, with MBI bringing approximately $920 million of net debt. Permission to close would remove a legal obstacle, but shareholders would still need to examine the purchase payment, replacement borrowing and interest bill together. A settlement without completing the acquisition could produce a very different result. Cable One might pay to resolve the contract while avoiding full ownership of MBI and its debt. But the settlement would need to release Cable One from the purchase obligation, and the company would still have to refinance its own borrowings. The current court order does not give shareholders that outcome. We have rebuilt the analysis around those differences. Buying MBI at the contractual price, negotiating a lower purchase payment and settling without taking full ownership each leave a different amount of debt to support. A cheaper purchase also helps much less if the savings are absorbed by financing costs or securities issued to the new lenders. Our revised report calculates what remains for today’s shares under those outcomes, using cash after capital spending and operating taxes. The stronger valuations require an improvement in the business or a meaningful reduction in the obligations Cable One must satisfy. The company’s ability to keep operating, by itself, does not establish that the shares are cheap. 𝐂𝐚𝐛𝐥𝐞 𝐎𝐧𝐞: $𝟏𝟕 𝐚 𝐒𝐡𝐚𝐫𝐞 𝐚𝐧𝐝 $𝟒.𝟑 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 𝐆𝐞𝐭 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 Here:cundilldeepvalue.substack.co…

𝐀𝐫𝐛𝐨𝐫 𝐒𝐨𝐥𝐝 𝐭𝐡𝐞 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬. 𝐓𝐡𝐞 𝐋𝐨𝐚𝐧𝐬 𝐒𝐭𝐚𝐲𝐞𝐝. During the first half of 2026, Arbor Realty Trust $ABR sold $112.8 million of foreclosed real estate. It provided $107.8 million of financing to the buyers. 𝐍𝐞𝐚𝐫𝐥𝐲 𝟗𝟔% 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐢𝐜𝐞𝐬 𝐰𝐞𝐫𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐞𝐝 𝐛𝐲 𝐀𝐫𝐛𝐨𝐫 𝐢𝐭𝐬𝐞𝐥𝐟. Seller financing may ultimately produce a better recovery than forcing properties onto a weak market. But those sales tell us relatively little about how much outside cash has been collected. The distinction becomes particularly important when billions of dollars in loans are being modified, extended or refinanced. Today's FRAGMENTS Deep Value Report follows those assets through the balance sheet and estimates what Arbor could eventually recover. Here:cundilldeepvalue.substack.co…

𝗫𝗲𝗿𝗼𝘅 — 𝗦𝗧𝗔𝗥𝗧𝗘𝗘𝗣𝗢’𝘀 𝗻𝗲𝘄 𝗹𝗲𝘁𝘁𝗲𝗿 STARTEEPO wrote to Xerox again this morning. It wants clearer financial reporting for Xerox Financial Services and a formal review of its options, with answers at the October 29 earnings call. The fund still values XFS at $𝟳.𝟲𝟵 𝗽𝗲𝗿 𝗫𝗲𝗿𝗼𝘅 𝘀𝗵𝗮𝗿𝗲. The business finances customer equipment, and the loans it holds have borrowing behind them. A sale has to account for that debt, transaction costs and taxes. Any cash left would still have to help Xerox meet its other debt and retirement payments. 𝗧𝗵𝗲 𝗙𝗥𝗔𝗚𝗠𝗘𝗡𝗧𝗦 𝗿𝗲𝗽𝗼𝗿𝘁 𝗰𝗮𝗹𝗰𝘂𝗹𝗮𝘁𝗲𝘀 𝘄𝗵𝗮𝘁 𝗰𝗼𝘂𝗹𝗱 𝗿𝗲𝗺𝗮𝗶𝗻 𝗽𝗲𝗿 𝘀𝗵𝗮𝗿𝗲. It deducts debt, retirement funding and preferred shares, counts the new shares from warrants, and tests how much value buying back discounted bonds could add. Here:cundilldeepvalue.substack.co…