New Street Research - ALTICE FRANCE SA/FRANCE (SFR) New Street: Altice France Q3 22: Slower underlying growth

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New Street Research

Russell Waller

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New Street: Altice France Q3 22: Slower underlying growth

Altice has reported a mixed set of numbers once one adjusts for the recent MVNO deals, with Service Revenue in negative growth y/y, driven by the B2C fixed business. KPIs are worse in fixed too. B2C MSR growth is positive y/y, but has slowed to +1.1% y/y from +3.2% y/y ex the MVNO deals. Altice has more work to do operationally.

23/11/2022 1 EN

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ALTICE FRANCE SA/FRANCE

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New Street Research

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Russell Waller

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New Street: Altice France Q3 22: Slower underlying growth

Altice France (Overweight) Key questions from the Q1 25 results and model update

Altice France (SFR) Q1 25: Positive new OpFCF guidance despite weak SR and EBITDA result

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

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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