Altice: Good Q1 2018 results supported by a sharp improvement of SFR commercial performance
Altice: (BUY, Fair Value EUR13.9 (+77%))Good Q1 2018 results supported by a sharp improvement of SFR commercial performance
Altice Europe delivered Q1 results slightly above expectations, driven by a sharp improvement of commercial performances in France notably, with the best net adds performance ever since Altice took over, at the expense of decreasing arpus. The main question remaining is the sustainability of the performance, given Iliad’s expected reaction. Other regions are below expectations, but we expect a positive stock reaction from these results. Guidance has been updated to reflect IFRS15 adjustment.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.