Altice: Mixed H1 results, showing costly recovery of France
Altice: (BUY, Fair Value Fair Value EUR3.7 (+29%))Mixed H1 results, showing costly recovery of France
This morning Altice Europe published mixed results, slightly above EBITDA estimates. France is the only country beating estimates on the EBITDA side but revenue trend is raising questions in spite of good commercial performance. Guidance was reiterated at the group level, but of low end of guidance range is expected for France in 2018. Healthy and sustainable recovery of France, keeping acquisition costs under control, remains to be seen in our opinion.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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