Altice SFR France/Altice International - comment

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 confirmed but Drahi reiterated the aim to deleverage which may include “an equity raise and partnerships”.  

Altice are reviewing all of their operations, including Altice International, and specifically their Teads business.  No comment was made on the potential tie-up with the UK-listed entity Tremor, which was rumoured earlier in the week.  Operationally, Drahi talked about the medium term and the improvement in cashflow by c. €1bn, but the timeframe appears to be pushed out to 2027, from lower costs, lower Capex and pricing.