GCI Liberty

In this pitch deck, analysts Christian Carlsson, Gabriel Koorits, and Konrad Fransson
present the investment case for GCI Liberty. Following the Liberty Broadband spin-
off, GCI has entered public markets with low free float, heavy technical selling, and
investor confusion around the Malone structure, creating what the analysts view as a
rare technical-driven mispricing rather than a fundamental one. At today’s depressed
valuation of roughly 5x EBITDA, a lift toward peer-like multiples as fundamentals
normalize supports a 115% upside, with a clear path to a multi-year re-rating.

Investment Thesis
● Free cash flow inflection from capex normalization: Alaska Plan ends in 2026,
driving capex down from 23–24% of revenue toward 17.5%, more than doubling FCF
by 2026 and sustaining more than $270M from 2028 onward.
● Margin uplift from enterprise mix shift: Enterprise already represents 50%+ of
revenue, growing 10–15% annually with 78% contribution margins, expanding
EBITDA and improving earnings quality
● Spin-off tax shield accelerates value realization: $300M tax asset adds a
potential $30M annual FCF for more than 3 years, supporting rapid
deleveraging, strategic flexibility, and a faster re-rating from today’s multiple