Report
Allan C. Nichols

Altice increases focus on running its operations, increasing its free cash flow, and reducing debt.

Altice NV went ex-dividend for the spin-off of its 67.2% controlling interest in Altice USA on May 22. Altice NV’s adjusted stock price after the spin-off was EUR 1.50 per share. After the stock went ex-dividend, Sebastien Soriano, the head of Arcep, the French telecom regulator, told Le Monde that he was more open to mergers in the French telecom market. This comment sent the prices of all four French telecom stocks higher, with Altice’s jumping 61% to EUR 2.42. Our new fair value estimate for ...
Underlying
Altice Europe NV Class A

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.

Provider
Morningstar
Morningstar

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.

Analysts
Allan C. Nichols

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