Report
Russell Waller
EUR 8812.00 For Business Accounts Only

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

Last week SFR reported weak numbers at the SR and EBITDA level (HERE). We are surprised the bonds have not been sold off more. Possibly that is because new OpFCF guidance is for OpFCF to be up y/y despite the EBITDA declines, and/or investors think fundamentals are not important when there is a high chance of M&A. We are overweight the bonds based on the likelihood that M&A happens this year – HERE – but absent M&A, it is hard to find much to cheer about in the results: KPIs are solid, but stabilisation has seemingly come at a very high cost.
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New Street Research
New Street Research

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  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
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Russell Waller

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