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Liberty Broadband-C

LBRDKStrike zoneExpectations · modest

Held by 7 superinvestors.

Price$36.02
Margin of safety−53%
Holders7
Total value$510.4M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
—
Net margin
—
ROE
-47.0%
FCF margin
—
Revenue $50.7M → $1.02B · 5y

Fundamentals data incomplete — read with care.

What makes a business high quality

Valuation · value band

Margin of safety

$76/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$36
cheaperpricier

Zero-growth floor

$60

Central IV

$76

Optimistic top

$92

Liberty Broadband-C (LBRDK): A conservative value band $60–$92 / sh (zero-growth floor to growth-capped optimistic top); central read about $76. Today’s price sits below that band (price $36 as of 2026-08-21).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 11.3% · Zero-growth downside $60

Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Price is at or below the reproducible tangible asset base ($60 / sh) — a rarer, harder floor.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $51.63 – $92.23 · Greenwald zero-growth $60.33 · zero-growth base $60.33 · reproduction $60.33

Moat Below asset base · terminal value 46% of present value · owner-earnings yield 16% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2024, 2023, 2022, 2021, 2020

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$49.48 – $59.71 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.7–11.7% band (9–11% base + 0.7pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2024, 2023, 2022, 2021, 2020

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.7pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.3 years of owner earnings, adding 0.7pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $8.63B = $60.33 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2024, 2023, 2022, 2021, 2020 · discount band 9%–11% · normalized tax 15% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 4.3 years of owner earnings → +0.7pp cost-of-equity premium → effective 9.7%–11.7%.

Owner-earnings DCF: growth g₁ 5% · OE FY 2024, 2023, 2022, 2021, 2020 · Discount band: 9.83%–12.67% (DGS10 +4.5% to a 12% strict end, each +0.67pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about -9.0% a year in owner-earnings for the next few years. Revenue actually grew 82.0% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 1 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

7 holders · $510.4M combined · this quarter +0 opened / -0 exited

This quarter2 added4 trimmed
Holders 9 → 7 · last 8q

SEC 13F · notes

Written summary

Liberty Broadband-C (LBRDK) is held by 7 of the superinvestors tracked on Compounder, with a combined $510.4M in reported 13F value. The largest position belongs to Ravenel Boykin Curry, where it makes up 0.7% of the portfolio.

Other notable holders by value include Steven Romick (1.9% of its book), Bill Nygren (0.1% of its book) and Wallace Weitz (1.3% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in LBRDK, 2 added to existing ones, 4 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Liberty Broadband-C (LBRDK) also commonly hold →

LBRDK's price sits below its conservative value band. See the full strike-zone list

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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