New Street Research - Altice Europe NV Class A (ATC) ... New Street: Altice International Q3 21: Investment into ATC UK (holder of BT stake) dominates

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New Street Research

Russell Waller

New Street: Altice International Q3 21: Investment into ATC UK (holder of BT stake) dominates

Altice International (ATCI) reported today with Altice France set to report on Thursday. We show results for ATCI in this report, and will update for ATC France and the French market on Thursday (Iliad also held a call for bondholders today). Perhaps the most interesting thing from the ATCI call was the revelation that ATCI has invested €250m into ATC UK (the vehicle that holds the BT stake) as opposed to paying a dividend, and that it intends to invest more in Q4.

17/11/2021 7 EN

Underlyings

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.

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NL0011333752 Netherlands

ALTICE FRANCE SA/FRANCE

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Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Altice International Q3 21: Investment into ATC UK (holder of BT stake) dominates

Mobile and broadband pair trades to consider this summer

NOS (Sell, TP: €3.11, -18%) Digi (Underweight) Altice International (Equal Weight) Proximus (Neutral, TP: €12.5, +55%) How successful will Digi be as a new entrant– top-down assessment. Downgrade NOS to Reduce, stay Equal weight ATCI and P

Altice France (Overweight) Key questions from the Q1 25 results and model update

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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