Altice Prepares for Spin-Off of Altice USA; Combined 1Q Results Mixed; Shares Undervalued
Altice reported first-quarter results for its European operations on May 17. It previously reported results for Altice USA. As it is confident that its planned spin-off of the U.S. business will occur in June, management didn’t provide consolidated results; thus, our model is not fully comparable. In general, though, revenue growth was a bit weaker in the U.S. and stronger in Europe than we estimated, and Europe EBITDA margins were weaker than we projected. The net result is that combined revenu...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.
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