Altice Europe NV A

Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.
  • TickerA14W4B
  • ISINNL0011333752
  • ExchangeEuronext Amsterdam
  • SectorFixed Line Telecommunications
  • CountryNetherlands

Analysts

Thomas Coudry

ALTICE: Recovery plan bearing fruit | NEUTRAL | EUR2

ALTICE - NEUTRAL | EUR2 Recovery plan bearing fruit Q2 results beat expectations driven by France Increased guidance to secure deleveraging Together with construction, B2C now contributing to profitable growth in France

Expert Corporate Governance Service (ECGS)

Altice Europe 27 June 2019

In general, Altice Europe ("Altice") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Since ECGS has serious concerns regarding the governance of the company, in particular remuneration policy leading to excessive amounts with poor links with long-term performance, board composition (high number of executives), concerns about the supplier and client relations and mismanagement of related-party transactions and, last but not least, the financial condition of the Company with deteriorating negative group share equity (almost ...

ALTICE EUROPE NV sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ALTICE EUROPE NV (NL), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date June 4, 2019, the closing price was EUR 2.70 and its target price was estimated at EUR 1.78.

Allan C. Nichols

Morningstar | Dropping Coverage of Altice Europe

We are dropping analyst coverage of Altice Europe. We  provide broad coverage of more than 1,500 companies and  adjust our coverage as necessary based on client demand  and investor interest.

Allan C. Nichols

Dropping Coverage of Altice Europe

We are dropping analyst coverage of Altice Europe. We provide broad coverage of more than 1,500 companies and adjust our coverage as necessary based on client demand and investor interest....

Marnik Hinnekens

Morning CreditUpdate 09/01/2018 - Altice

Altice (Vente)      Scission et un dividende d’Altice USA Gecina (Conserver) a sécurisé €571m de cessions d'actifs La CNMV a confirmé son feu vert à l'OPA de €15,6 mds d'Atlantia (Achat) sur Abertis (Achat) Vestas Wind (Achat)  relève sa prévision de cash-flow libre pour 2017 à €1,15-1,25 md Air France - KLM (Achat) affiche une hausse du trafic de +5,6% en 2017 avec 98,7m de passagers

Pierre François Merveille

Altice : No quick fix in Europe and Altice Lux holdco structure to be addressed soon. Current price points create some buying opportunities

>3Q17 results below expectations - Pro-forma consolidated revenues fell by -1.8% to € 5.75bn in Q3 (after +2.7% in Q2) while Pro-forma EBITDA grew by +1.8% to € 2.36bn. The lower-than-expected results were penalized by adverse forex effects, underperformance in Europe and slower growth in the US. SFR suffered from severe competition, while content and network investments have weighed on Ebitda/FCF but not translated into improving KPIs yet. In Portugal, the weaker results in Q3 were partly due to a one-off disconnection period of 15 days that was imposed by the regulator, requiring retention e...

Pierre François Merveille

Altice : No quick fix in Europe and Altice Lux holdco structure to be addressed soon. Current price points create some buying opportunities

>3Q17 results below expectations - Pro-forma consolidated revenues fell by -1.8% to € 5.75bn in Q3 (after +2.7% in Q2) while Pro-forma EBITDA grew by +1.8% to € 2.36bn. The lower-than-expected results were penalized by adverse forex effects, underperformance in Europe and slower growth in the US. SFR suffered from severe competition, while content and network investments have weighed on Ebitda/FCF but not translated into improving KPIs yet. In Portugal, the weaker results in Q3 were partly due to a one-off disconnection period of 15 days that was imposed by the regulator, requiring retention e...

Pierre François Merveille

Altice : Altice International, the diversified arm of Altice

>Altice International issued last week EUR 675m of new unsecured notes 4.75% 2028 to strengthen its liquidity - The proceeds from the bond issue and the placement of EUR 1.09bn equiv. of new term loans due 2026 (EUR 300m and USD 900m at E/L+275 bp, OID 99.75%) will be used to repay EUR 675m of drawings under the revolvers as well as the outstanding secured notes 6.5% 2022. The refi is leverage neutral (3.7x, pro-forma the acquisition of Media Capital) and will have a positive impact on liquidity, the debt maturity profile (7.4 years vs. 6.6 years initially) and the average cost of debt (5.5% ...

Pierre François Merveille

Altice : Altice International, the diversified arm of Altice

>Altice International issued last week EUR 675m of new unsecured notes 4.75% 2028 to strengthen its liquidity - The proceeds from the bond issue and the placement of EUR 1.09bn equiv. of new term loans due 2026 (EUR 300m and USD 900m at E/L+275 bp, OID 99.75%) will be used to repay EUR 675m of drawings under the revolvers as well as the outstanding secured notes 6.5% 2022. The refi is leverage neutral (3.7x, pro-forma the acquisition of Media Capital) and will have a positive impact on liquidity, the debt maturity profile (7.4 years vs. 6.6 years initially) and the average cost of debt (5.5% ...

Thomas Coudry

ALTICE: Recovery plan bearing fruit | NEUTRAL | EUR2

ALTICE - NEUTRAL | EUR2 Recovery plan bearing fruit Q2 results beat expectations driven by France Increased guidance to secure deleveraging Together with construction, B2C now contributing to profitable growth in France

Allan C. Nichols

Morningstar | Dropping Coverage of Altice Europe

We are dropping analyst coverage of Altice Europe. We  provide broad coverage of more than 1,500 companies and  adjust our coverage as necessary based on client demand  and investor interest.

Allan C. Nichols

Dropping Coverage of Altice Europe

We are dropping analyst coverage of Altice Europe. We provide broad coverage of more than 1,500 companies and adjust our coverage as necessary based on client demand and investor interest....

Thomas Coudry

ALTICE: Cost efficiency and construction supporting robust Q1 | NEUTRAL | EUR2

ALTICE - NEUTRAL | EUR2 Cost efficiency and construction supporting robust Q1 Q1 results above expectations, deleveraging still awaited France boosted by construction and falling cost base Tangible improvement in B2C trend expected later in the year

Alexandre Iatrides

Altice Europe : EBITDA 7% better than expected, return to growth in France

>Good quarter, return to growth in France, aggressive stance - Altice had given indications based on an incomplete scope at the time of its refinancing, but they still showed a fairly strong trend for Q1 in France (2% increase). In reality, France actually worked out even better than that, thanks, it would seem, to SFR FTTH, with reported France EBITDA at € 956m, i.e. +4.5% vs a consensus of -4.2%. At the group level, Altice reported revenues at -0.4%, i.e. € 3.5...

1 director bought

A director at Altice Europe NV bought 2,500,000 shares at 2.040EUR and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2019 Date Performance since listing Date Performance since listing

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2019 Date Performance depuis l’entrée Date Performance depuis l’entrée

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Jeremy Garnier

ODDO BHF Small & MIDCAP MORNING NEWS - 06/05/2019

...

Alexandre Iatrides ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Martial Descoutures
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 05/02/2019

...

Alexandre Iatrides ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Martial Descoutures
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2019

...

ALTICE EUROPE NV sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ALTICE EUROPE NV (NL), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date June 4, 2019, the closing price was EUR 2.70 and its target price was estimated at EUR 1.78.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pierre François Merveille

Altice Europe : We recommend subscribing to the new ATCNA 2027 notes at a yield of 7.25% or more

>Altice Europe plans to repay in part the ATCNA 2022 notes and the SFRFP 2024 notes - Altice Luxembourg seeks to issue € 2.8bn equivalent of new 2027 EUR/USD notes (8NC3). Proceeds from the bond issuance, together with a cash upstream of € 500m from Altice France and the collection of € 435m from the unwinding of swaps, will be used to redeem € 3.6bn equivalent of ATCNA notes due 2022 in EUR and in USD (out of € 4.3bn). We believe that the refinancing is posi...

Pierre François Merveille

Altice Europe : We recommend subscribing to the new ATCNA 2027 notes at a yield of 7.25% or more

>Altice Europe plans to repay in part the ATCNA 2022 notes and the SFRFP 2024 notes - Altice Luxembourg seeks to issue € 2.8bn equivalent of new 2027 EUR/USD notes (8NC3). Proceeds from the bond issuance, together with a cash upstream of € 500m from Altice France and the collection of € 435m from the unwinding of swaps, will be used to redeem € 3.6bn equivalent of ATCNA notes due 2022 in EUR and in USD (out of € 4.3bn). We believe that the refinancing is posi...

Pierre François Merveille

Altice Europe : Poursuite de la monétisation des infrastructures

>Retour sur l’accord de cession de 49.99% de SFR FTTH - Nous revenons dans cette étude sur l’accord annoncé vendredi dernier concernant la vente de 49.99% de SFR FTTH, une entité qui commercialisera à terme 5 millions de prises FTTH en zones faiblement et moyennement denses en France (dont la majorité reste à déployer). Cette opération est positive pour le groupe, car la structuration de l’accord permettra à Altice Europe de collecter 1.8 md EUR de produits de cessi...

Pierre François Merveille

Altice Europe : Ongoing monetisation of infrastructures

Publication date 07/12/2018 07:58 - Writing date 07/12/2018 07:58 - Equity data - Reco : Buy - Target : 3.00 EUR - Equity Analyst: Alexandre Iatrides - - +33 (0)1 44 51 81 44 - ESG Analyst: xxx - Corporate Governance: High risk (4) - / - / - - - - - - - - - - - - - - - - - - - - - > - Review of the agreement to shed 49.99% of SFR FTTH - In this report, we shall review the agreement announced on 30 November 2018 concerning the sale of 49.99% of SF...

Expert Corporate Governance Service (ECGS)

Altice Europe 27 June 2019

In general, Altice Europe ("Altice") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Since ECGS has serious concerns regarding the governance of the company, in particular remuneration policy leading to excessive amounts with poor links with long-term performance, board composition (high number of executives), concerns about the supplier and client relations and mismanagement of related-party transactions and, last but not least, the financial condition of the Company with deteriorating negative group share equity (almost ...

Altice Europe – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Altice - 2018, November 20th

ITEMS 2a and 2b: It is proposed to elect Philippe Besnier and Nicolas Paulmier as non executive directors. Both have close links with Numericable, a formerly listed subsidiary of the Group. Therefore, as the Board is only 12.5% independent, such elections cannot be supported. ITEM 4: it is proposed to delete, under article 24.1 of the Bylaws, a disposition very similar to a counterpower. Considering that the President (Patrick Drahi) already has a lot of powers over the company and its Board (article 24.1 gives him a veto right for example), to delete said disposition is not in shareholders' ...

Proxy Report - 11/06/2018

In connection with the proposed separation of the U.S. business from the Company, the Board decided to adjust all executive option plans in the same manner in order to address the effects of the Separation. As all Altice shareholders have been compensated for the split, we believe executives should be treated the same way in their capacity as shareholders. Although the adjustment to outstanding executive awards appears to be broadly in line with the intended company split in Altice Europ and Altice US, we continue to voice the following concerns regarding the awards themselves: inter alia a ...

Proxy Report - 18/05/2018

Shareholders are asked notably for their approval of 6 different resolutions regarding the remuneration of the Company. We note that According to Book 2, Article 135 of the Dutch Civil Code, public companies in the Netherlands are not required to submit their remuneration policy to shareholders annually for approval. Rather they are required to submit their compensation policy to shareholders when there is a change in policy, as such the next time shareholders may be asked to approve the remuneration of the Company will come following a change in remuneration. We note that the disclosure of c...

Jérôme VINERIER

Analyse court terme - ALTICE : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 1,862 €, puis 1,536 €. Le franchissement de 3,552 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ALTICE : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €1.862, then €1.536. Passing €3.552 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ALTICE : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 1,862 €, puis 1,536 €. Le franchissement de 3,552 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ALTICE : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €1.862, then €1.536. Passing €3.552 would question the continuation of the fall.

Jérôme VINERIER

Medium term view - ALTICE : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €1.358, then €0.760. Passing €3.600 would question the continuation of the fall.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch