SFR 4Q17 - Results a little more encouraging, Overweight recommendation retained
After a disappointing third quarter, which caused spreads of all notes to widen significantly, Altice France (SFR) reported a rather more encouraging set of 4Q17 preliminary results marked by an unexpected return to EBITDA growth. Although SFR continued to underperform significantly its three competitors –Orange, Bouygues Telecom and
Iliad - we note some signs of a nascent improvement in the fourth quarter in terms of customer net-adds. T
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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