New Street Research - Altice USA Inc. Class A (ATUS) OPTU: Missed Opportunities

Report

New Street Research

Vikash Harlalka

OPTU: Missed Opportunities

We were looking forward to Optimum management sharing healthy guidance for 2026 EBITDA on the call but were disappointed. A lack of guidance stokes investor uncertainty. We hope more color emerges on the next earnings call (it would be even better if Dennis provided guidance at our Conference on March 26th). Management has also been reluctant to reveal accounting and cash flow details around Lightpath AI hyperscaler contracts. We see this as a missed opportunity. In this note, we discuss broadband subscriber trends, broadband ARPU growth, 2026 EBITDA growth, Lightpath, and leverage.

12/02/2026 1 EN

Underlying

Altice USA Inc. Class A

Altice USA is a holding company. Through its subsidiaries, the company provides broadband communications and video services and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. The company delivers broadband, video, and telephony services to the residential and business customers. The company also provides fiber connectivity, bandwidth and managed services to enterprise customers through its Lightpath business (also marketed as Altice Business) and the company provides advertising time and services to advertisers. The company has launched Altice Mobile, a mobile offering, to consumers across its footprint.

See profile

US02156K1034 New York Stock Exchange United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Vikash Harlalka

Other Reports on these Companies

New Street Research

OPTU: Notes from our post 4Q callback with management

We hosted Dennis Mathew, CEO of Optimum, and Marc Sirota, CFO of Optimum, on an investor call last week. In this short note, we summarize some of the key takeaways from the call.

February 17, 2026 February 17, 2026 1 EN

New Street Research

OPTU: Model update post 4Q results

Earlier today, we published our quick take on Optimum’s 4Q results and our thoughts following the call note. The big story from today’s results and call is that management hasn’t provided guidance for 2026 EBITDA. Our EBITDA estimate is relatively unchanged, but we expect consensus EBITDA estimate to head lower and land closer to our estimate. In this note, we cover changes to our estimates, and comparisons with guidance and consensus. We also look at Optimum’s relative valuation in comparison with peers, and what is needed to justify Optimum’s current valuation.

February 13, 2026 February 13, 2026 1 EN

TMUS: Model update post CMD

TMUS recently held their Capital Markets Day (CMD) in conjunction with 4Q results. We covered key highlights from the CMD in our note published last week. Long story short, TMUS met or exceeded most of our expectations with their guidance. In this note, we cover changes to our financial estimates and compare them with consensus and guidance. We also share our trend charts for key metrics to put the current quarter in context.

EUR 8445.00

3h / 40m 3h / 40m 1 EN

Blair Levin

Blair Levin

Does the Trump/Kennedy Center Fiasco Portend PSKY's Future?

It now appears that PSKY has a good chance of prevailing in its battle for WBD. We have previously discussed the three phases of that battle; the proxy battle, the antitrust review, and the judicial review. In this note, we discuss a fourth phase; how does the battle for WBD, including this week’s Colbert/Talarico Affair, affect PSKY’s value after the deal closes?

EUR 8445.00

4h / 45m 4h / 45m 1 EN

James Ratzer

James Ratzer

VMO2 (Underweight) Q4 25: Weaker than expected 2026 guidance

VMO2’s Q4 results didn’t include any news on a potential Netomnia transaction, but they did include weaker guidance than expected for 2026, suggesting a 3-5% organic rate of decline, which will take leverage up to 6x net debt/ EBITDAaL.

EUR 8445.00

4h / 50m 4h / 50m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

OPTU: Missed Opportunities

OPTU: Notes from our post 4Q callback with management

OPTU: Model update post 4Q results

TMUS: Model update post CMD

Does the Trump/Kennedy Center Fiasco Portend PSKY's Future?

VMO2 (Underweight) Q4 25: Weaker than expected 2026 guidance

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe