New Street Research - Altice France (SFR) (SFRFP) Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

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New Street Research

Russell Waller

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Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

ARCEP published its 2023 customer satisfaction data today. It makes for interesting reading for all the French operators. We show the key conclusion in this report. It is perhaps of particular interest to SFR investors: our view is that SFR’s troubles are mainly customer related as opposed to do with network or price (although all three are inter-linked obviously).

26/04/2024 1 EN

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Altice France (SFR)

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Pan European Telecom Services and Cable

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Russell Waller

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Altice France (Most Preferred) Cleansing statement, summary of latest offers, our take

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Altice France (Most Preferred) Updating Drahi net worth for recent newsflow and appraising the latest offer from Drahi to lenders

There have been several bits of SFR-related newsflow over the past week or so, including some new tariffs in France (from Bouygues HERE, and a new cut from Iliad today), some press reports on Apollo lending (HERE), an xpFibre re-fi (HERE), an extension of the SteerCo co-operation agreement to Feb 2026 (HERE), a new valuation for Drahi’s stake in German Fibre JV OXG (HERE) and a new offer to lenders from Drahi (HERE).

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Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

Altice France (Most Preferred) Cleansing statement, summary of latest offers, our take

Altice France (Most Preferred) Updating Drahi net worth for recent newsflow and appraising the latest offer from Drahi to lenders

Altice France (Most Preferred) Altice International (Most Preferred) Sotheby's stake sale - Our take

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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