Altice Europe NV A

Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.
  • TickerATC
  • ISINNL0011333752
  • ExchangeEuronext Amsterdam
  • SectorFixed Line Telecommunications
  • CountryNetherlands
Thomas Coudry

Telecom: No room for Conviction Buy among telecom service providers

Telecom No room for Conviction Buy among telecom service providers Monetisation of “flight to quality” and bandwidth still awaited Only Ekinops qualifies for “Conviction Buy”, TIM downgraded New Target Prices

Pierre François Merveille

Altice Europe : Drahi tightens its grip on Altice Europe

>Drahi wants full control of Altice Europe. The latter plans to repay its ACF debt - Last Friday, Altice Europe announced that Next Private BV, a direct subsidiary of Patrick Drahi’s holding company Next Alt Sàrl (which already owns 77.6% of Altice Europe), has reached an agreement for a takeover bid at a price of € 4.11 per A and B common shares of Altice Europe, representing a valuation of approximately € 4.9 bn for 100% of the share capital. There is a high proba...

Pierre François Merveille

Altice Europe : Drahi tightens its grip on Altice Europe

>Drahi wants full control of Altice Europe. The latter plans to repay its ACF debt - Last Friday, Altice Europe announced that Next Private BV, a direct subsidiary of Patrick Drahi’s holding company Next Alt Sàrl (which already owns 77.6% of Altice Europe), has reached an agreement for a takeover bid at a price of € 4.11 per A and B common shares of Altice Europe, representing a valuation of approximately € 4.9 bn for 100% of the share capital. There is a high proba...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Alexandre Iatrides ...
  • Melek Laabidi

Altice Europe : Patrick Drahi offers € 4.11 per share for Altice. We recommend tendering to the offer

>Patrick Drahi offers € 4.11 per share for Altice - Altice announced on Friday that it had reached an agreement with Next Alt (holding company owned by Patrick Drahi) for a minority buyout at € 4.11 for Class A and B shares, i.e. a premium of 23.8% vs the last quoted share price. Unsurprisingly, the board accepted this offer that should close by Q1 2021. Altice must reach a threshold of 95%. However, being domiciled in the Netherlands, there are ways to delist the min...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account ...

Jérôme VINERIER

Analyse court terme - ALTICE : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 1,862 €, puis 1,536 €. Le franchissement de 3,552 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ALTICE : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €1.862, then €1.536. Passing €3.552 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ALTICE : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 1,862 €, puis 1,536 €. Le franchissement de 3,552 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ALTICE : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €1.862, then €1.536. Passing €3.552 would question the continuation of the fall.

Thomas Coudry

ALTICE: Altice loses Champions League rights: a good thing | NEUTRAL | EUR5.7

ALTICE - NEUTRAL | EUR5.7 Altice loses Champions League rights: a good thing Canal+ and beIN Sports win back Champions League rights Altice’s aggressive telecom media convergence is history The story is not over just yet, RMC Sports’ future in question

1 director bought

A director at Altice Europe NV bought 2,500,000 shares at 2.040EUR and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Thomas Coudry

Telecom: No room for Conviction Buy among telecom service providers

Telecom No room for Conviction Buy among telecom service providers Monetisation of “flight to quality” and bandwidth still awaited Only Ekinops qualifies for “Conviction Buy”, TIM downgraded New Target Prices

Alexandre Iatrides ...
  • Melek Laabidi

Altice Europe : Patrick Drahi offers € 4.11 per share for Altice. We recommend tendering to the offer

>Patrick Drahi offers € 4.11 per share for Altice - Altice announced on Friday that it had reached an agreement with Next Alt (holding company owned by Patrick Drahi) for a minority buyout at € 4.11 for Class A and B shares, i.e. a premium of 23.8% vs the last quoted share price. Unsurprisingly, the board accepted this offer that should close by Q1 2021. Altice must reach a threshold of 95%. However, being domiciled in the Netherlands, there are ways to delist the min...

Alexandre Iatrides ...
  • Melek Laabidi

Altice Europe : Drahi offre 4.11 €/action Altice. Nous conseillons d’apporter à l’offre

>Drahi offre 4.11 €/action Altice - Altice a annoncé vendredi avoir trouvé un accord avec Next Alt (holding de P. Drahi) pour un rachat des minoritaires à 4.11 €/actions A et B soit une prime de 23.8% par rapport au dernier cours coté. Sans grande surprise, le board a accepté cette offre qui devrait être clôturée d’ici le T1 2021. Altice doit atteindre un seuil de 95% mais celui-ci étant domicilié aux Pays-Bas, il existe des possibilités de retrait de minoritaires mêm...

Russell Waller

New Street: Patrick Drahi to take Altice Europe private at €4.11/share

Patrick Drahi has announced that one of his controlled entities has made a public offer for Altice Europe of €4.11/share in cash.

Alexandre Iatrides

ODDO : Recap on the controversy over the limiting of flat-rate mobile packages

>The Senate and the national digital council (Conseil National du Numérique) advocate capping fixed and mobile flat-rate packages - The Conseil National du Numérique published a 160-page roadmap on the environment and digital containing 50 measures, backed by several points to consider. Among the 11 proposals of measure 7 “Limiting the environmental footprint of network design and deployment, the CNNum proposes “encouraging flat-rate packages with limited consumption,...

Pierre François Merveille

Altice Europe : Drahi tightens its grip on Altice Europe

>Drahi wants full control of Altice Europe. The latter plans to repay its ACF debt - Last Friday, Altice Europe announced that Next Private BV, a direct subsidiary of Patrick Drahi’s holding company Next Alt Sàrl (which already owns 77.6% of Altice Europe), has reached an agreement for a takeover bid at a price of € 4.11 per A and B common shares of Altice Europe, representing a valuation of approximately € 4.9 bn for 100% of the share capital. There is a high proba...

Pierre François Merveille

Altice Europe : Drahi tightens its grip on Altice Europe

>Drahi wants full control of Altice Europe. The latter plans to repay its ACF debt - Last Friday, Altice Europe announced that Next Private BV, a direct subsidiary of Patrick Drahi’s holding company Next Alt Sàrl (which already owns 77.6% of Altice Europe), has reached an agreement for a takeover bid at a price of € 4.11 per A and B common shares of Altice Europe, representing a valuation of approximately € 4.9 bn for 100% of the share capital. There is a high proba...

Pierre François Merveille

Altice Europe : Altice simplifies its capital structure with the pushdown of Altice Luxembourg debt at the level of Altice France

>A two-phase exercise - Yesterday, Altice Europe priced € 2.1bn of bonds at Altice France and it will launch an exchange offer on the ATCNA 2027 bonds to push down debts at Altice Luxembourg and refinance drawdowns on Altice France’s revolver (€ 500m). The transaction involves initially i/ the issuance by Altice France of € 500m of 5NC2 secured notes, ii/ the issuance by Ypso Finance Bis (100%-owned by Altice France) of € 1.6bn of 8NC3 unsecured notes, and iii/ an o...

Pierre François Merveille

Altice Europe : Altice simplifies its capital structure with the pushdown of Altice Luxembourg debt at the level of Altice France

>A two-phase exercise - Yesterday, Altice Europe priced € 2.1bn of bonds at Altice France and it will launch an exchange offer on the ATCNA 2027 bonds to push down debts at Altice Luxembourg and refinance drawdowns on Altice France’s revolver (€ 500m). The transaction involves initially i/ the issuance by Altice France of € 500m of 5NC2 secured notes, ii/ the issuance by Ypso Finance Bis (100%-owned by Altice France) of € 1.6bn of 8NC3 unsecured notes, and iii/ an o...

Pierre François Merveille

Altice Europe : Altice achieves sizable interest savings by refinancing and repaying debt at Altice International

>Last week’s refinancing and upcoming debt repayments should generate € 187m of annual interest savings - Altice International issued last week € 2.8bn of new secured notes split into 1/ a € 600m tranche 2.25% 2025 and 2/ a € 2.2bn 8NC3 dual-currency tranche (€ 1.1bn of 3% notes in EUR and $ 1.2bn of 5% notes in USD). Altice also announced that € 2.1bn of proceeds from pending asset disposals in Portugal (49.99% of Altice Portugal FTTH and 25% of OMTEL) would be us...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

Increased risk weighs on ALTICE EUROPE, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of ALTICE EUROPE (NL), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date July 31, 2020, the closing price was EUR 4.01 and its target price was estimated at EUR 2.48.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Altice Europe - AGM 26 June 2020

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.In general, Altice Europe ("Altice") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEMS 2d and 4a-4e approval is sought for the Company's remuneration report, remuneration policy and various individual arrangements. Since ECGS has various concerns over Altice Europe's executive compensation it recommends to vote OPPOSE to ITEMS 2d, 4c, 4d and 4e.Un...

Expert Corporate Governance Service (ECGS)

Altice Europe NV- EGM 06 November 2019

In general, Altice Europe is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2 approval is sought for a change of auditor. Although ECGS favours a regular change of auditor, it considers the proposed change insufficiently motivated in view of the specific circumstances at Altice Europe (see analysis). Accordingly, ECGS recommends to vote OPPOSE.

Expert Corporate Governance Service (ECGS)

Altice Europe 27 June 2019

In general, Altice Europe ("Altice") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Since ECGS has serious concerns regarding the governance of the company, in particular remuneration policy leading to excessive amounts with poor links with long-term performance, board composition (high number of executives), concerns about the supplier and client relations and mismanagement of related-party transactions and, last but not least, the financial condition of the Company with deteriorating negative group share equity (almost ...

Altice Europe – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Altice - 2018, November 20th

ITEMS 2a and 2b: It is proposed to elect Philippe Besnier and Nicolas Paulmier as non executive directors. Both have close links with Numericable, a formerly listed subsidiary of the Group. Therefore, as the Board is only 12.5% independent, such elections cannot be supported. ITEM 4: it is proposed to delete, under article 24.1 of the Bylaws, a disposition very similar to a counterpower. Considering that the President (Patrick Drahi) already has a lot of powers over the company and its Board (article 24.1 gives him a veto right for example), to delete said disposition is not in shareholders' ...

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