New Street Research - Altice Europe NV Class A (ATC) ... Altice France Does Teads hold the key to delevering?

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New Street Research

Russell Waller

EUR 9344.00 For Business Accounts Only

Altice France Does Teads hold the key to delevering?

A break-up of Altice International, is, we are told, option A for delevering at Altice France. According to press reports however, there is a gap between the offers made for Altice Portugal and the amount that Patrick Drahi wants (€7bn of proceeds wanted vs €5bn-€6bn offered); because Altice International debt will have to be repaid in the event of a sale of Portugal, €5bn of proceeds might not be enough to persuade Drahi to sell, as the amount of cash that could be up-streamed might be too small.

20/02/2024 1 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
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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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Altice France Does Teads hold the key to delevering?

Altice France: The bonds are discounting too bearish an outcome

Broadband market growth slower in 1Q24

Altice France Q4 23: Weak guidance and an attempt to strong-arm lenders

Charter Model Update

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

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