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

Russell Waller

Altice Europe (Buy): Call with Dennis Okhuijsen – options remain

Altice Europe (Buy): Call with Dennis Okhuijsen – options remain Russell Waller 7

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...

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia Chris Hoare 0 chris @newstreetresearch.com

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% ...

Russell Waller

Altice Europe (Buy): Call with Dennis Okhuijsen – options remain

Altice Europe (Buy): Call with Dennis Okhuijsen – options remain Russell Waller 7

Allan C. Nichols

Morningstar | Altice Sells Stake in New FTTP Network for EUR 1.8 Billion to Reduce Debt Load

Altice is a global holding company that has grown through acquisitions of telephone and cable operators in several countries. We believe that Altice's track record of improving its networks will allow the firm to offer a high-quality converged product and return to expanding its subscriber bases and its revenue.Altice has a history of being an aggressive cost-cutter, and of improving the margins of companies it acquires. Its largest operation is SFR, the second-largest phone company and largest cable operator in France. This business struggled as the quality of its wireless network fell behind...

Allan C. Nichols

Altice Sells Stake in New FTTP Network for EUR 1.8 Billion to Reduce Debt Load

On Nov. 30, Altice announced it agreed to enter a fibre-to-the-home, or FTTP, partnership with Allianz Capital Partners, AXA Investment Managers, and OMERS Infrastructure. Altice will own 50.01% and receive EUR 1.8 billion in cash. The partnership plans to build an FTTP network past 5 million homes by 2022, including 1 million this year. Importantly to us, this doesn’t include the 9 million premises passed by its hybrid fiber coax cable TV network or its 2.5 million homes in dense areas of Franc...

Russell Waller

Altice Europe: SFR FTTH deal - one door closes as another opens?

Altice Europe: SFR FTTH deal - one door closes as another opens? Russell Waller 7

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...

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia Chris Hoare 0 chris @newstreetresearch.com

Alexandre Iatrides ...
  • Anis Zgaya
  • Jeremy Garnier
  • Khaled Ben Amor

ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2018

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Alexandre Iatrides ...
  • Anis Zgaya
  • Jeremy Garnier
  • Khaled Ben Amor

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2018

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Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Johanna Jourdain
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/22/2018

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Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Johanna Jourdain
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 22/11/2018

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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...

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...

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

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.

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