Report
Altice France : No turnaround yet
>Soft operating performance and weak FCF prevent organic de-leveraging - Operating performance was weak in Q1 2023 on an organic basis as a result of 1/ a mix of customer net losses, 2/ lower construction revenues from Xpfibre and 3/ an increase of the cost base driven by inflation and the densification of the network. We expect that the EBITDA trend (-5.3% in Q1) will improve somewhat in the next quarters (full year forecast of -3.8%) but stay negative. The mid-ter...
Underlying
SFR Group SA
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Pierre François Merveille
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