Altice SFR - comment

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 reports that the Company (SFR) have pushed down the RCF to the operating companies from the HoldCo.   Further assets including Altice FrberCo Lux Two and Altice LuxCo Three have been designated unrestricted entities.  Investors will be seeking clarification on what actual assets are in these entities and if they relate to the German JV with Vodafone.  We expect a hostile tone of questions on both calls.