SFR - Disappointing 3Q17, massive investments are taking time to translate into stronger KPIs
SFR, the second-largest French Telecom operator (100%-owned by Altice), held a conference call this afternoon to discuss slightly disappointing preliminary 3Q17 results. Revenue was down 1.3% to €2,757m. Customer net adds have remained weak in both mobile (+16k qoq vs. 321k for Orange) and fixed (-75k qoq of which +44k in fiber vs. +108k of which +145k in fiber). ARPU was also under pressure in an increasingly competitive market and gave up 1.7% in mobile to €23 and 3.8% in fixed due to recent promotional activity. EBITDA came in 3.2% weaker at €1,009m i.e. a 36.6% margin (-70bps yoy) due to revenue decline and higher content costs, although their impact was partly offset by savings from workforce reduction.
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