Liberty Latin America (LILA) continues to trade at a meaningful discount to peers following a recent decision by Costa Rican regulators to delay approval of its cable and fixed-wireless broadband expansion plans. The setback affects an investment of approximately $120 million earmarked for network upgrades in Greater San José, representing nearly 5% of LILA’s total capital expenditure for 2025. Despite a Group EBITDA of $1.8 billion in the first nine months of fiscal 2025 and a net debt-to-EBITDA ratio of 4.7x—slightly above its long-term target range of 4.0–4.5x—management has reiterated its commitment to share repurchases over cash dividends. Since the start of 2024, LILA has deployed $250 million to repurchase 3.2 million Class A and Class B shares, improving asset value per share while preserving tax-efficient returns for long-term investors. Analysts expect full value realization to occur over the next two to three years as regulatory approvals in Costa Rica and other strategic markets align with network rollout, at which point share price upside of 20–30% could materialize.