Reasonable Q4, more clarity as year progresses
Q4 results were broadly in line with consensus, with revenue slightly ahead (+3% vs. +2% cons) and EBITDA slightly below (+12% vs. +13% cons) while FY18 guidance was broadly in line. The company sees revenue growth of 2.5-3.0% (cons. +2.8%) with capex of $1.3bn (in line with AE expectations). Margins are expected to rise over the medium to long term with the company not permitted to give guidance for the current year because of regulations surrounding its spin off from Altice NA. Clarity should improve as the year progresses with 1) the spin off from Altice NA 2) further rollout of the Altice One box and 3) improving growth post Q1 (affected by the Starz dispute and a mismatch on price increase timing).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.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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