Altice France (SFR) Q1 25: Positive new OpFCF guidance despite weak SR and EBITDA result
Altice France has reported Q1 25 results which are quite weak at both the SR and EBITDA level. There is new guidance on OpFCF, which is for it be up y/y (i.e. for capex declines to offset EBITDA declines (which slipped to –11.6% y/y ex construction from –11.2% y/y in Q4 24)), which is a positive, but we can’t help but feel that the OpFCF guidance has been given in order to distract from the weak underlying numbers. We are overweight the bonds based on the likelihood that M&A happens this year but absent M&A, it is hard to find much to cheer about in these results (KPIs are solid, but stabilisation has seemingly come at a high cost).
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