- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed -
Capital and Legal Structure 14/11/22
Business, Peers, Leverage 30/09/22
Inflation and Cashflow 14/11/22
Investment Discussion 14/11/22
Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
Please find our updated model here.
We continue to see value in Altice International bonds, and despite the obvious tainting from related Altice entities, Altice International remains a
As always, plusses and minuses when it comes to the Altice story. On the plus side, management was very clear that the proceeds from the Teads sale would be
Altice UK have agreed to sell its 24.5% BT stake to Bharti Enterprises, initially selling 9.99% immediately and subsequently the balance, once regulatory approval is
Please find a short note post Altice International’s sale of Teads to Outbrain Inc. We will update our models after the Q2 results, released on Thursday, August 29th.
Ultimately this is a better valuation and cash proceeds than we had envisaged. Valuations have always fluctuated for the Teads business, with
The $725m of cash from the Teads sale will help de-leverage Altice International and is a positive for bondholders. The deal also
Press reports from Portugal indicate the sales process of Altice Portugal has ended, due to price. This is disappointing news for the wider Altice Group and
Moody’s downgraded Altice International yesterday to Caa1, from B3 on the Secured and Caa3 from Caa2 for the unsecured bonds, with outlook on all entities changing to
Please find our updated model here.
But does the financials and the model matter? The last comment from the management on the call is probably the most important one stating
Management may state that Altice International is a “completely different entity" to Altice SFR and they look forward to “normalised trading levels”. The reality is
Bloomberg are reporting that SocGen were unable to sell its RCF as bids came in lower than its 70% reserve. The movement in the RCF down to the operations does not
Altice International and Altice SFR are reporting next Tuesday at 1 pm and 4 pm respectively. There will be a lot to digest on both calls, but specifically at Altice SFR with
S&P downgraded Altice International on Friday to B- with a negative outlook, citing the higher interest burden due to underlying rates, the impact of the
The process to sell Altice’s Portuguese business was extended according to press reports. The deadline for binding offers was supposed to be 18th March but
Please find our updated model here.
Altice International reported its Q4 and FY23 numbers which were broadly in line with our expectations. The business continues to show its resilience and
We are awaiting full numbers, but Altice International released their preliminary numbers and call yesterday. With the general consensus that Altice International will
In line with management’s comments, all assets are for sale. As part of the process, it is reported that Altice has appointed Morgan Stanley to
Please find our updated model here.
The performance of Altice International bonds will be determined in two distinct areas - operational performance and structural considerations. Although there are likely to be increased competitive pressures in the Portuguese operations, we retain our new
STC (Saudi Telecom Company) Group, who have bought a 9.9% equity stake in Telefeconica in September 2023, and also acquired United Group’s Tower assets in
Underlying results reported yesterday were a non-event as the Company continue to grow both top-line and EBITDA as per guidance. With no major debt maturities before
Investors are a little miffed with the latest move from Altice France. In September, Altice International raised €800m to be used to “redeem, defease or otherwise
While we could write a morning mail every day on Altice France and the various press articles, the refinancing need trumps all speculation. In apparent anticipation of
Details are still emerging from Drahi’s meeting with investors in London yesterday (Altice management continue their non-deal roadshow in New York today). Nothing
Sky News reported yesterday that Altice are in discussions with Tremor (UK AIM listed - £250m market cap) about a potential combination. Tremor reduced its
Please find our updated model post-Q2 numbers here.
When we wrote our initial piece in November and subsequently followed up post the Q1 call we used phrases like “stay awake please” and “trudging along”. Altice has woken the investor base with the news of the Portuguese investigation into alleged corruption
Altice don’t release the full accounts prior to their call, but the headline numbers remain strong. Altice Portugal has increased the number of homes passed and penetration, driving revenue up 12%, split residential up 4% and business
Bouygues released its H1 numbers this morning with their telecom segment performing stronger with net adds in both mobile and fixed categories. ARPU has
Both Altice structures have announced the dates of the Q2 call (Altice International - 7th August at 12:00 UK time; Altice SFR France - 8th August at 12:00 UK time), with
Last Thursday and Friday, the Portuguese Department of Investigation and Criminal Action rated 90 premises as part of an investigation into alleged crimes of corruption, tax fraud, forgery and money laundering. This relates to suspicions