New Street Research - Altice Europe NV Class A (ATC) ... Altice: Why a BT takeover could help to solve debt issues Could Drahi make a surprise takeover move in November?

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New Street Research

Ben Rickett ...

James Ratzer
Russell Waller

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Altice: Why a BT takeover could help to solve debt issues Could Drahi make a surprise takeover move in November?

Conventional wisdom would say that to delever one needs to sell rather than buy assets. However, in this deep-dive note we explore the left-field idea that launching a full takeover of BT could actually help Drahi to increase his liquidity as one option to help support the deleveraging of Altice France by over 1x.

25/09/2023 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

Ben Rickett

James Ratzer

Russell Waller

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Altice: Why a BT takeover could help to solve debt issues Could Drahi make a surprise takeover move in November?

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

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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