New Street Research - Altice Europe NV Class A (ATC) ... Altice France Interational Q2 24: Better B2C trends in France, but guidance unchanged; Portugal sale is off

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New Street Research

Russell Waller

EUR 9547.00 For Business Accounts Only

Altice France & Interational Q2 24: Better B2C trends in France, but guidance unchanged; Portugal sale is off

Altice France and International reported within a few hours of each other today, and so we combine a comment on both into this one report. There was no Q&A on the Altice France call.

30/08/2024 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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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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Altice France & Interational Q2 24: Better B2C trends in France, but guidance unchanged; Portugal sale is off

Orange (Buy, TP: €14, +35%) Altice France (SFR); High Yield (Overweight) Iliad; High Yield (Equal weight)

2Q24 Broadband Trends: Are fiber builds accelerating?

Altice Pre-3Q24 Model Update

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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