reports
- Russell Waller
- Russell Waller
Altice France (Most preferred) xpFibre ReCap and potential stake sale...
TMT has published an interview with Andras Kranicz, Managing Director and Head of Infrastructure Finance Europe, BNP Paribas, in which a €5.8bn refinancing package is mentioned for xpFibre. The article goes on to talk about a potential xpFibre stake sale by Drahi. We run through the implications of this news in this short piece
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
Altice France Does Teads hold the key to delevering?
A break-up of Altice International, is, we are told, option A for delevering at Altice France. According to press reports however, there is a gap between the offers made for Altice Portugal and the amount that Patrick Drahi wants (€7bn of proceeds wanted vs €5bn-€6bn offered); because Altice International debt will have to be repaid in the event of a sale of Portugal, €5bn of proceeds might not be enough to persuade Drahi to sell, as the amount of cash that could be up-streamed might be too smal...
- Russell Waller
Altice France Does Teads hold the key to delevering?
A break-up of Altice International, is, we are told, option A for delevering at Altice France. According to press reports however, there is a gap between the offers made for Altice Portugal and the amount that Patrick Drahi wants (€7bn of proceeds wanted vs €5bn-€6bn offered); because Altice International debt will have to be repaid in the event of a sale of Portugal, €5bn of proceeds might not be enough to persuade Drahi to sell, as the amount of cash that could be up-streamed might be too smal...
- Russell Waller
French M&A: Is it possible? Proprietary survey suggests GUPPI ratio ...
On Iliad’s Q3 call, Iliad said that it had attempted M&A “seven times” before, but that it was no longer possible due to “the size of the companies merging and the complexities from an anti-trust perspective”. In this report, we update the diversion and GUPPI ratios from our recent proprietary survey, to see if Iliad is right.
- Russell Waller
Altice France Q3 23: Still as many questions as answers
Altice France has reported a mixed set of results. On the one hand, B2C SR trends are better sequentially in both fixed and mobile, but underlying Telecom EBITDA growth is worse y/y in Q3 23 than Q2 23, and it looks like cost control was poor this quarter.
- Russell Waller
Altice France UltraEdge sale - the important first step has been taken
Ahead of its results on Wednesday (read our preview HERE), Altice France has announced the sale of a 70% stake in its data centre business (UltraEdge) to Morgan Stanley Infrastructure Partners (MSIP) for a 100% EV of €764m (€535m of proceeds). In addition, SFR will enter into a build-to-suit agreement with UltraEdge by which SFR is expected to generate c€175m of additional proceeds within the next 7 years. We show the implications of this deal in this short report.
- Russell Waller
Altice France Q3 2023 preview: How bad could it be?
Iliad reported results last week, and in our Q3 comment we showed some analysis looking at possible implied SFR growth rates and net adds given that everyone but SFR has reported (HERE). In this report, we update that analysis to show a sensitivity to different market growth rates and how SR might drop through to EBITDA. Numbers are sensitive, and there are lots of caveats, but it doesn’t look good for SFR. Altice France reports on the 22nd November.
- Ben Rickett
- James Ratzer
- Russell Waller
Altice: Why a BT takeover could help to solve debt issues Could Drahi...
Conventional wisdom would say that to delever one needs to sell rather than buy assets. However, in this deep-dive note we explore the left-field idea that launching a full takeover of BT could actually help Drahi to increase his liquidity as one option to help support the deleveraging of Altice France by over 1x.
- Russell Waller
Altice France How 1x delevering can be delivered - ATUS/ATCI implica...
At the Q2 results (read our take HERE) Altice gave a new commitment to delever by 1x within 12 months. This is likely to be from a mix of outside investment (from Patrick Drahi himself and Others (possibly trade and/or non-trade)) and asset sales.
- Russell Waller
Altice France Q2 23: New commitment to delever by 1x inorganically w...
Altice has reported a set of numbers broadly in-line with reduced expectations after the weak Q1; but over-shadowing the results (in a good way), it has also given a new commitment to delever inorganically by 1x within 12 months. This implies c€4bn of lower net debt.
- Russell Waller
- Russell Waller
Altice France (SFR) Inorganic options can help delever and redeem th...
Altice reported a weak set of numbers last week, and this has raised questions about its ability to delever, and how sustainable the business model is if it has to refinance at the current elevated rates. In this report we update our model for the results, kick the tyres on our xpFibre assumptions (we lower our EV due to a higher cost of capital), and run through Altice’s options for the nearest-dated bonds, the 2025 and 2026 maturities.
- Russell Waller
Altice France Q1 23: Weak set of numbers, 2025 bond refinancing into ...
Altice has reported a weak set of numbers: KPIs are worse, SR trends have slipped, and Group EBITDA is c-6% y/y from c-1% y/y in Q4 22 (ex M&A). Energy was a c€-7m drag y/y, adding it back, underlying EBITDA growth was 1pp better, but still weak sequentially.
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