New Street Research - Altice Europe NV Class A (ATC) ... Altice France Q4 23: Weak guidance and an attempt to strong-arm lenders

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New Street Research

Russell Waller

EUR 9344.00 For Business Accounts Only

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

Altice has reported a god set of results, but EBITDA is supported by a material amount of content cost support, and ex this, results are in-line.

21/03/2024 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
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

Other Reports on these Companies

New Street Research

Altice France: The bonds are discounting too bearish an outcome

Since the Altice bombshell on 20th March, investors have been trying to work out exactly what it is that Patrick Drahi wants: does he want to check out? Does he want to retain market access?

EUR 9344.00

April 23, 2024 April 23, 2024 1 EN

New Street Research

Broadband market growth slower in 1Q24

Broadband industry growth slowed in 4Q23. We wondered, exiting the quarter, whether growth would level off or slow further in 1Q24. Based on the data we have collected so far, it appears that growth has slowed further, and possibly quite materially. We suspect slower growth will impact all operators, although for fiber, it should be partly offset by footprint expansion.

EUR 9344.00

April 4, 2024 April 4, 2024 1 EN

Charter Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).

EUR 9344.00

11h / 21m 11h / 21m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CHTR: quick thoughts following the call

What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.

EUR 9344.00

17h / 8m 17h / 8m 1 EN

Russell Waller

Russell Waller

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

ARCEP published its 2023 customer satisfaction data today. It makes for interesting reading for all the French operators. We show the key conclusion in this report. It is perhaps of particular interest to SFR investors: our view is that SFR’s troubles are mainly customer related as opposed to do with network or price (although all three are inter-linked obviously).

EUR 9344.00

17h / 51m 17h / 51m 1 EN

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

Altice France: The bonds are discounting too bearish an outcome

Broadband market growth slower in 1Q24

Charter Model Update

CHTR: quick thoughts following the call

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

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