Altice’s Turnaround Is Progressing; While 1Q Results Look Weak in Line With Our Expectations
Altice reported first-quarter operational highlights that were in line with our expectations, and we don’t expect any significant changes to our EUR 2.40 per share fair value estimate. We maintain our narrow moat rating and believe the shares are fairly valued.Altice’s turnaround is making progress, as its reported revenue only declined 0.4% year over year with an adjusted EBITDA margin of 36.9%. While these are both below our full-year expectations of 1.2% revenue growth and an EBITDA margin o...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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