Altice SFR - comment

Becoming uncomfortably normal, SFR France held a curtailed conference call post their numbers, again not allowing any questions. The guidance for FY24 was already released in their cleansing statement on the 14th.  EBITDA in the quarter is down 10%, driven by underperformance in the mobile segment, which is under even our low projections.  The level of disclosure is poor from the results and although they haven’t published the Management Discussion and Analysis, we aren’t expecting much further detail.  

The debt is mostly locked up now, and we expect negotiations to recommence after the cessation earlier this month.