Altice France (SFR) Inorganic options can help delever and redeem the 2025/2026 bonds if necessary
Altice reported a weak set of numbers last week, and this has raised questions about its ability to delever, and how sustainable the business model is if it has to refinance at the current elevated rates. In this report we update our model for the results, kick the tyres on our xpFibre assumptions (we lower our EV due to a higher cost of capital), and run through Altice’s options for the nearest-dated bonds, the 2025 and 2026 maturities.
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