Altice Model Update
Broadband subscriber losses in 2Q24 will likely be better than we thought previously because more of the ACP impact will be in 3Q24 than we thought previously (full year estimate remains unchanged). We also lowered revenue and EBITDA slightly. The company needs to stabilize EBITDA and reduce leverage. Progress on the first is slow and the second won’t be easy as it seems debtholders have organized. We remain on the sidelines.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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