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

Thanks to a better fundamental star rating, ALTICE EUROPE NV sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to ALTICE EUROPE NV (NL), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date October 16, 2018, the closing price was EUR 2.45 and its expected value was estimated at EUR 2.40.

Jérôme VINERIER

Short term view - ALTICE : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €3.236.

Jérôme VINERIER

Analyse court terme - ALTICE : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 3,236 €.

Thomas Coudry

Altice | BUY | EUR3.7 SFR announces win back of lost customers

Altice | BUY | EUR3.7 SFR announces win back of lost customers SFR has won back all customers lost over the last three years We expect Q3 fixed and mobile postpaid net adds of around 500k SFR’s Q3 performance should leave little room for its competitorsHeadline The sustainability of SFR’s Q3 performance could be questioned

Jérôme VINERIER
Clarisse Barret ...
  • 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 | BUY | EUR3.7 SFR announces win back of lost customers

Altice | BUY | EUR3.7 SFR announces win back of lost customers SFR has won back all customers lost over the last three years We expect Q3 fixed and mobile postpaid net adds of around 500k SFR’s Q3 performance should leave little room for its competitorsHeadline The sustainability of SFR’s Q3 performance could be questioned

Thomas Coudry

Altice: Conducting a strategic review of its fiber infrastructure

Brief Comment - Altice: (BUY, Fair Value EUR3.7 (+56%)) Conducting a strategic review of its fiber infrastructure

Russell Waller

Altice Europe (Buy): Fibre sale rumour – Quick Thoughts

Altice Europe (Buy): Fibre sale rumour – Quick Thoughts Russell Waller 7

Alexandre Iatrides ...
  • Vincent Maulay

Bouygues : Already over € 6bn for 5G spectrum and EV of under € 30bn

>5G auctions spiralling out of control - The spectrum auctions in Italy were designed to maximise the contribution to the Italian budget, even if it caused a bloodbath. And this is indeed what is taking place. There were several auction lots: five blocks in 700Mhz including a 2x10 block reserved for Iliad for € 676m, four blocks in 3600Mhz and 5 blocks in 26Ghz. Surprisingly, the golden frequencies (700MHz) available in 2022 were not what gave rise to the fiercest bat...

1 director bought

A director at Altice Europe NV bought 440,000 shares at 2.280EUR and the significance rating of the trade was 68/100. 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 b...

James Ratzer

Global TMT: TSLA, AVGO, Italy, S, CHTR, LBTY, ATC, BT

Global TMT: TSLA, AVGO, Italy, S, CHTR, LBTY, ATC, BT James Ratzer 5

James Ratzer ...
  • Jonathan Chaplin
  • Russell Waller

Global TMT: AAPL, EU 5G, O2D, ILD, ATUS

Global TMT headlines: AAPL (Reduce) Event Tomorrow - What do we expect? What matters to our thesis? Europe 5G alert: Italian auction begins, O2D (Reduce) target cut. Iliad (Neutral): Paying up for spectrum in Italy. ATUS (Buy) Commercial Launch of FTTH Service.

Thanks to a better fundamental star rating, ALTICE EUROPE NV sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to ALTICE EUROPE NV (NL), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date October 16, 2018, the closing price was EUR 2.45 and its expected value was estimated at EUR 2.40.

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...

Anaïs Dudout

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 ...

Anaïs Dudout

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...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 28/06/2017

 Shareholders are asked notably for their approval on 7 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. With respect to the remuneration...

Jérôme VINERIER

Short term view - ALTICE : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €3.236.

Jérôme VINERIER

Analyse court terme - ALTICE : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 3,236 €.

Jérôme VINERIER
Jérôme VINERIER

Medium term view - ALTICE : The bounce is gaining strength.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at €2.900 and prices would fall again toward €1.358. The background trend would be questioned should prices rise above €3.600.

Jérôme VINERIER

Analyse court terme - ALTICE : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 3,236 €.

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