reports
- Russell Waller
- Russell Waller
Altice France (Most Preferred) Updating Drahi net worth for recent ne...
There have been several bits of SFR-related newsflow over the past week or so, including some new tariffs in France (from Bouygues HERE, and a new cut from Iliad today), some press reports on Apollo lending (HERE), an xpFibre re-fi (HERE), an extension of the SteerCo co-operation agreement to Feb 2026 (HERE), a new valuation for Drahi’s stake in German Fibre JV OXG (HERE) and a new offer to lenders from Drahi (HERE).
- Russell Waller
Altice France (Most Preferred) Altice International (Most Preferred) ...
Sotheby’s has announced that it has sold a minority stake to ADQ, an Abu Dhabi-based investment and holding company for US$1bn. Under the terms of the agreement, “ADQ will acquire newly issued shares of Sotheby’s to reduce leverage and support the company’s growth and innovation plans” – details are thin, but in this short piece we look at how the proceeds might be used and how the price compares to our valaution.
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
- Russell Waller
- Russell Waller
Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery...
ARCEP published its 2023 customer satisfaction data today. It makes for interesting reading for all the French operators. We show the key conclusion in this report. It is perhaps of particular interest to SFR investors: our view is that SFR’s troubles are mainly customer related as opposed to do with network or price (although all three are inter-linked obviously).
- Russell Waller
Altice France Media sale: Delevering target comes into focus
As part of its delevering plan, Altice France has announced that it has sold 100% of its media division for €1.55bn. This is a very good price (15.1x EV/EBITDA), and will help considerably with reaching the 1x delevering target. We think more deals will follow in the coming weeks/months. In this short piece we run through the implications of the sale.
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