New Street Research - ALTICE FRANCE SA/FRANCE (SFR) Altice France Q4 22: Slower underlying trends, problems in fixed and mobile

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New Street Research

Russell Waller

EUR 8824.00 For Business Accounts Only

Altice France Q4 22: Slower underlying trends, problems in fixed and mobile

Altice has reported another mixed set of numbers: KPIs are weak ex clean-ups and ex M&A SR and EBITDA trends have slipped again. Adjusting for M&A, Telecom revenue was -3.0% y/y from +0.9% y/y in Q3 22 (similar ex ATS). Within that, B2C fixed was -3.5% y/y from -2.5% y/y in Q3 22, and B2C MSR ex M&A was -0.1% from +0.4% in Q3 22. Altice has problems at both fixed and mobile.

14/03/2023 1 EN

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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.

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Russell Waller

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Altice France Q4 22: Slower underlying trends, problems in fixed and mobile

Altice France (SFR) (Overweight) Altice International (Equal Weight) Altice update: M&A in France and possible Israel sale

Altice France (Most preferred) xpFibre ReCap and potential stake sale - our take on recent TMT article

Altice France (Most Preferred) Our take on the latest reported offers

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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