New Street Research - Altice France (SFR) (SFRFP) Altice France (Most Preferred) Cleansing statement, summary of latest offers, our take

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New Street Research

Russell Waller

EUR 9475.00 For Business Accounts Only

Altice France (Most Preferred) Cleansing statement, summary of latest offers, our take

Altice France has released a “Cleansing statement” detailing the latest offers made between Drahi and SteerCo. We summarize these offers in this report. It looks like the two parties are inching towards a deal.

15/11/2024 1 EN

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Altice France (SFR)

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New Street Research

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Russell Waller

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Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Altice France reported results today, there was no Q&A on the call. We give a preliminary overview of the trends in this report, and will host a call on Monday of next week to look at the results in more detail, including a deep dive into valuation, as it is looks increasingly likely that bondholders will receive an equity stake in NewCo as part of any future deal with Drahi.

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Altice France (Most Preferred) Updating Drahi net worth for recent newsflow and appraising the latest offer from Drahi to lenders

There have been several bits of SFR-related newsflow over the past week or so, including some new tariffs in France (from Bouygues HERE, and a new cut from Iliad today), some press reports on Apollo lending (HERE), an xpFibre re-fi (HERE), an extension of the SteerCo co-operation agreement to Feb 2026 (HERE), a new valuation for Drahi’s stake in German Fibre JV OXG (HERE) and a new offer to lenders from Drahi (HERE).

EUR 9475.00

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Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

EUR 9475.00

5h / 23m 5h / 23m 1 EN

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Altice France (Most Preferred) Cleansing statement, summary of latest offers, our take

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Altice France (Most Preferred) Updating Drahi net worth for recent newsflow and appraising the latest offer from Drahi to lenders

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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