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
Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2020

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Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/06/2020

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Alexandre Iatrides

Altice Europe : Loss of a good client, potential impact of Huawei, auctions at risk, Neutral vs Buy, target price € 3.9 vs € 4.3

>With Bouygues’ acquisition of EI Telecom, Altice loses a major client - Bouygues announced on Friday that it was in exclusive talks with Crédit Mutuel for the acquisition of EI Telecom, one of the major MVNO in France with 2m subscribers and € 500m in revenues. The main HNO (hosting network operator) of EI Telecom is currently SFR which represents at least 50% of EI’s traffic. We estimate the loss of revenues for SFR, once the MVNO integrated into Bouygues, at € 90-1...

Alexandre Iatrides

Altice Europe : Perte d’un bon client, impact possible de Huawei, enchères à risque, Neutre vs Achat OC 3.9 € vs 4.3 €

>Avec le rachat d’EI Telecom par Bouygues, Altice perd un gros client - Bouygues a annoncé vendredi être entré en négociations exclusives avec le Crédit Mutuel pour le rachat d’EI Telecom, un des derniers gros MVNO en France avec 2m d’abonnés et 500 M€ de CA. Le principal HNO (opérateur hôte) d’EI Telecom est actuellement SFR qui représente au moins 50% du trafic d’EI. Nous estimons la perte de revenus pour SFR, une fois le MVNO intégré à Bouygues, à 90-130 M€, soit q...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

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 fo...

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...

Alexandre Iatrides

Altice Europe : Loss of a good client, potential impact of Huawei, auctions at risk, Neutral vs Buy, target price € 3.9 vs € 4.3

>With Bouygues’ acquisition of EI Telecom, Altice loses a major client - Bouygues announced on Friday that it was in exclusive talks with Crédit Mutuel for the acquisition of EI Telecom, one of the major MVNO in France with 2m subscribers and € 500m in revenues. The main HNO (hosting network operator) of EI Telecom is currently SFR which represents at least 50% of EI’s traffic. We estimate the loss of revenues for SFR, once the MVNO integrated into Bouygues, at € 90-1...

Alexandre Iatrides

Altice Europe : Perte d’un bon client, impact possible de Huawei, enchères à risque, Neutre vs Achat OC 3.9 € vs 4.3 €

>Avec le rachat d’EI Telecom par Bouygues, Altice perd un gros client - Bouygues a annoncé vendredi être entré en négociations exclusives avec le Crédit Mutuel pour le rachat d’EI Telecom, un des derniers gros MVNO en France avec 2m d’abonnés et 500 M€ de CA. Le principal HNO (opérateur hôte) d’EI Telecom est actuellement SFR qui représente au moins 50% du trafic d’EI. Nous estimons la perte de revenus pour SFR, une fois le MVNO intégré à Bouygues, à 90-130 M€, soit q...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

Russell Waller

New Street: Altice (Buy): Potential football rebate (5% EFCF support) and other thoughts post results

Following on from James’ note about the read across to BT from the Manchester United results. we thought that we would update our thoughts on the potential for Altice to receive a rebate (and some further thoughts post the results and a call with the company).

Thomas Coudry

ALTICE: Sticking to guidance in spite of covid-19 | NEUTRAL | EUR4.3

ALTICE - NEUTRAL | EUR4.3 Sticking to guidance in spite of covid-19 Q1 performance slowing down in line with expectations Covid-19 impact already visible in France Group confident in strong FCF generation over the medium term

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...

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...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 09/01/2020 - Compagnies aériennes

Compagnies aériennes: Les marges opérationnelles seront résilientes en 2020 en Europe, la croissance des revenus est attendue autour de +4% Santander : Annonce l’exercice du call sur le titre AT1 CoCo avec ISIN XS1043535092 Leaseplan (Achat) : Emission de €500m à échéance 2024 de la maison mère Lincoln Finance Louis Dreyfus (Conserver) : Margarita Louis-Dreyfus détient désormais 96% du négociant BMW (Conserver) : Vente de 2,52m de voitures en 2019 (+1,2%) Daimler (Conserver) : Création d'une JV avec Geely pour produire des véhicules électriques Sma...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2020

...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/06/2020

...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/21/2020

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Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/05/2020

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Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Jean Danjou
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Samantha Jeary

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/25/2020

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With a more favourable environment, ALTICE EUROPE NV improves to Slightly Positive

ALTICE EUROPE NV (NL), a company active in the Mobile Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 28, 2020, the closing price was EUR 5.95 and its potential was estimated at EUR 7.16.

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 week...

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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