Ziggo's share price rise: the good, the bad and the ugly

Ziggo's share prise has been on the rise over the past few months, despite deteriorating results. There are (at least) three possible explanations:

• The good: investors are banking on a return to growth, based on either mobility or yet another off-net revenue stream.
• The bad: investors are assuming that existing strategies (marketing and up-selling) can restore growth.
• The ugly: investment banks are pushing the stock among their institutional investor customers a. to make the share prise rise, b. to make nice with the Ziggo management and c. to get a slice of the pie once a public offer from Liberty Global needs to be executed.