reports
- Pierre François Merveille
Altice France : What is the next rabbit that will be pulled out of Dra...
>A more aggressive tone to put pressure on creditors - Altice France continues to underperform the French telecoms market in terms of commercial and financial performance and released last month a weak outlook for 2024, reflecting the expected slowdown in construction revenues (impact of fibre rollout) but also the lack of operating leverage. The key topic was the change in management tone as the company is now aiming to abruptly reset the leverage at a level “well ...
- Pierre François Merveille
Altice France : What is the next rabbit that will be pulled out of Dra...
>A more aggressive tone to put pressure on creditors - Altice France continues to underperform the French telecoms market in terms of commercial and financial performance and released last month a weak outlook for 2024, reflecting the expected slowdown in construction revenues (impact of fibre rollout) but also the lack of operating leverage. The key topic was the change in management tone as the company is now aiming to abruptly reset the leverage at a level “well ...
- Pierre François Merveille
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...
- Pierre François Merveille
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...
- Pierre François Merveille
Altice France : Positive mid-term guidance seems to be back-end loaded
We continue to like the fundamentals of Altice France, which is operating in a competitive telecoms market, but not irrational. The company has potential to 1/ upsell customers with fibre products in fixed (59% penetration at end-2021) and 5G services in the mid-term in mobile, 2/ streamline its cost base and 3/ reduce capex from 2024, after progress on fibre/5G deployments will be made. We are still confident about the mid-term deleveraging prospects of Altice France towards its...
- Pierre François Merveille
Altice France : Positive mid-term guidance seems to be back-end loaded
We continue to like the fundamentals of Altice France, which is operating in a competitive telecoms market, but not irrational. The company has potential to 1/ upsell customers with fibre products in fixed (59% penetration at end-2021) and 5G services in the mid-term in mobile, 2/ streamline its cost base and 3/ reduce capex from 2024, after progress on fibre/5G deployments will be made. We are still confident about the mid-term deleveraging prospects of Altice France towards its...
- Pierre François Merveille
Altice France : Temporary slowdown in earnings and bolt-on M&A do not ...
>Muted Q3 results with revenues down -1.2%, adjusted EBITDA up +0.5% - In Q3 2021 and pro-forma the sale of Libération (newspaper) and Hivory (mobile towers) which respectively closed in September 2020 and October 2021, total results of the restricted group contracted by -1.2% YoY to € 2.71bn and adjusted EBITDA (after leases) rose by +0.5% YoY to € 1.05bn. Q3 trends mark a clear slowdown after Q1 (revenues +2.9%, EBITDA +0.7%) and Q2 (revenues +5.2%, EBITDA +5.7%)....
- Pierre François Merveille
Altice France : Temporary slowdown in earnings and bolt-on M&A do not ...
>Muted Q3 results with revenues down -1.2%, adjusted EBITDA up +0.5% - In Q3 2021 and pro-forma the sale of Libération (newspaper) and Hivory (mobile towers) which respectively closed in September 2020 and October 2021, total results of the restricted group contracted by -1.2% YoY to € 2.71bn and adjusted EBITDA (after leases) rose by +0.5% YoY to € 1.05bn. Q3 trends mark a clear slowdown after Q1 (revenues +2.9%, EBITDA +0.7%) and Q2 (revenues +5.2%, EBITDA +5.7%)....
- Pierre François Merveille
Altice France : Removal of all holdco debt means that Altice France ca...
Excluding the sale of the 51% stake in Hivory (closing expected in H2 2021) for € 2.65bn and the distribution of proceeds to repay most of the acquisition debt that was raised by Next (Patrick Drahi’s holding company) to fund the delisting of Altice Europe, we believe that Altice France is on a de-leveraging trajectory. The trend is supported on the operating side by less aggressive competition in the French telecoms market, leading to ARPU as well as volume growth in the residen...
- Pierre François Merveille
Altice France : Removal of all holdco debt means that Altice France ca...
Excluding the sale of the 51% stake in Hivory (closing expected in H2 2021) for € 2.65bn and the distribution of proceeds to repay most of the acquisition debt that was raised by Next (Patrick Drahi’s holding company) to fund the delisting of Altice Europe, we believe that Altice France is on a de-leveraging trajectory. The trend is supported on the operating side by less aggressive competition in the French telecoms market, leading to ARPU as well as volume growth in the residen...
- Pierre François Merveille
Altice France : We recommend subscribing to the new 8NC3 secured notes...
Altice France plans to issue € 1.5bn equivalent of new 8NC3 secured notes in EUR and in USD. Proceeds from the new issue plus together with € 46m of cash in hand will be used to call € 500m of 2024 secured notes at Altice France (USD 284m at 103.125% and € 250m at 102.813%), call the outstanding 2022 senior notes at holding company Altice Luxembourg (USD 636m at 101.938% and € 445m at 101.813%), and pay transaction fees and expenses. Depending on market appetite for the deal, we ...
- Pierre François Merveille
Altice France : We recommend subscribing to the new 8NC3 secured notes...
Altice France plans to issue € 1.5bn equivalent of new 8NC3 secured notes in EUR and in USD. Proceeds from the new issue plus together with € 46m of cash in hand will be used to call € 500m of 2024 secured notes at Altice France (USD 284m at 103.125% and € 250m at 102.813%), call the outstanding 2022 senior notes at holding company Altice Luxembourg (USD 636m at 101.938% and € 445m at 101.813%), and pay transaction fees and expenses. Depending on market appetite for the deal, we ...
- Jean-Rene Meduri
SFR - Very Encouraging 1Q18 with significantly stronger net-adds in bo...
Altice France (SFR) reported very encouraging preliminary 1Q18 results. Revenue (including FOT) was down 1.1% to €2.599m but - thanks to cost savings being realized from workforce reduction - EBITDA came in 0.7% higher to €915m i.e. 35.2% margin (+60bps yoy).
- Jean-Rene Meduri
SFR 4Q17 - Results a little more encouraging, Overweight recommendatio...
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 andIliad - we note some signs of a nascent improvement in the fourth quarter in terms of customer net-adds. T
- Jérôme VINERIER
Short term view - SFR GROUP : The rising moving average confirms our o...
The stock is under a bid-offer.Arguments :- Prices made a new high, this confirms the strength of the trend.- The rising moving average confirms our opinion.- The bullish gap opened as prices break out of the pattern announces a rally.
- Jérôme VINERIER
Analyse court terme - SFR GROUP : La moyenne mobile, haussière, confi...
Une OPA est en cours.Arguments :- Les cours font un nouveau plus haut, ce qui témoigne de la force de la tendance.- La moyenne mobile, haussière, confirme notre avis.- Le gap haussier ouvert en sortie de figure annonce la hausse.
- Jérôme VINERIER
Short term view - SFR GROUP : The bullish gap opened as prices break o...
The stock is under a bid-offer.Arguments :- Prices made a new high, this confirms the strength of the trend.- The rising moving average confirms our opinion.- The bullish gap opened as prices break out of the pattern announces a rally.
- Jérôme VINERIER
Analyse court terme - SFR GROUP : Le gap haussier ouvert en sortie de ...
Une OPA est en cours.Arguments :- Les cours font un nouveau plus haut, ce qui témoigne de la force de la tendance.- La moyenne mobile, haussière, confirme notre avis.- Le gap haussier ouvert en sortie de figure annonce la hausse.
- Jérôme VINERIER
Short term view - SFR GROUP : The bullish gap opened as prices break o...
The trend is still bullish, the invalidation level is below €32.60. The target is at €36.00.Arguments :- Prices made a new high, this confirms the strength of the trend.- The rising moving average confirms our opinion.- The bullish gap opened as prices break out of the...
- Jérôme VINERIER
Analyse court terme - SFR GROUP : Le gap haussier ouvert en sortie de ...
La tendance est toujours haussière, son niveau d'invalidation est sous 32,60 €. L'objectif est à 36,00 €.Arguments :- Les cours font un nouveau plus haut, ce qui témoigne de la force de la tendance.- La moyenne mobile, haussière, confirme notre avis.- Le gap haussier ouvert...
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