Altice Europe : Guidance tightened towards lower end of range, in line with our cautious forecast. Net-adds at expense of ARPU/EBITDA

>Deterioration in revenues in France - Revenues 0.5% shy of forecasts: Altice Europe’s Q2 revenues were down 2.3% y-o-y excluding VAT (vs -3.8% reported and stable y-o-y at constant forex in Q1) with a deterioration in France (-4.6% excluding VAT and -6.6% reported vs -1.1% in Q1) and in Israel (-1.9% vs -0.9% in Q1), but with a less-marked decline y-o-y and an improvement q-o-q in Portugal (-5.4% vs -6.5% in Q1 +1.8% q-o-q).EBITDA 0.9% higher than expectations:...