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

Alexandre Iatrides ...
  • Anis Zgaya
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 03/29/2019

...

Thomas Coudry

ALTICE - NEUTRAL | EUR2 From 2018 to 2019: from Telecoms to Construction

ALTICE - NEUTRAL | EUR2 From 2018 to 2019: from Telecoms to Construction 2018 EBITDA falls behind estimates while leverage slowly decreases France looks like there is something to hide

Alexandre Iatrides

Altice Europe : Very aggressive guidance and top line recovery more than offset a Q4 2% lower than expected at the EBITDA level, Buy recommendation maintained

>Sales 3% better than expected but EBITDA 2% short, good net adds - Sales 3% better than expected: Altice Europe's Q4 sales came in 1.7% lower vs -6.3% in Q3, i.e. 3% better than expected, thanks to France (-2% vs -7.6% reported vs -6.6% in Q1) which benefited from: 1/ volume effects through repeated subscriber gains, 2/ the ramp-up for media, and 3/ an upturn in the wholesale segment thanks to good commercial performances at EI Telecom and La Poste Mobile. EBITD...

Alexandre Iatrides

Altice Europe : Les guidances très agressives et la topline en redressement viennent plus que compenser un T4 2% inférieur en EBITDA, Achat réitéré

>CA 3% supérieur aux attentes mais EBITDA 2% inférieur, bons net adds - CA 3% supérieur aux attentes : Le CA T4 Altice Europe est ressorti en baisse de 1.7% vs -6.3% au T3, soit 3% supérieur aux attentes, du fait de la France (-2% vs -7.6% en publié vs -6.6% au T1) qui bénéficie 1/ d’un effet volume lié au gain répété d’abonnés 2/ de la montée en puissance des médias et 3/ d’un rebond du wholesale lié à de bonnes performances commerciales chez EI Telecom et La Poste ...

Allan C. Nichols

Altice Reported Mixed 2018 Results; Shares Undervalued, but Company Highly Leveraged

Altice reported mixed 2018 results with revenue a bit higher and EBITDA lower than we expected. We anticipate these two issues to basically offset each and don’t expect any significant change to our EUR 2.40 per share fair value estimate or narrow moat rating. We believe the shares are undervalued but note that the stock’s very high uncertainty rating is due to its high level of leverage. Thus, we think only aggressive investors should consider investing in Altice’s stock at this time. The firm ...

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 - NEUTRAL | EUR2 From 2018 to 2019: from Telecoms to Construction

ALTICE - NEUTRAL | EUR2 From 2018 to 2019: from Telecoms to Construction 2018 EBITDA falls behind estimates while leverage slowly decreases France looks like there is something to hide

Alexandre Iatrides

Altice Europe : Very aggressive guidance and top line recovery more than offset a Q4 2% lower than expected at the EBITDA level, Buy recommendation maintained

>Sales 3% better than expected but EBITDA 2% short, good net adds - Sales 3% better than expected: Altice Europe's Q4 sales came in 1.7% lower vs -6.3% in Q3, i.e. 3% better than expected, thanks to France (-2% vs -7.6% reported vs -6.6% in Q1) which benefited from: 1/ volume effects through repeated subscriber gains, 2/ the ramp-up for media, and 3/ an upturn in the wholesale segment thanks to good commercial performances at EI Telecom and La Poste Mobile. EBITD...

Alexandre Iatrides

Altice Europe : Les guidances très agressives et la topline en redressement viennent plus que compenser un T4 2% inférieur en EBITDA, Achat réitéré

>CA 3% supérieur aux attentes mais EBITDA 2% inférieur, bons net adds - CA 3% supérieur aux attentes : Le CA T4 Altice Europe est ressorti en baisse de 1.7% vs -6.3% au T3, soit 3% supérieur aux attentes, du fait de la France (-2% vs -7.6% en publié vs -6.6% au T1) qui bénéficie 1/ d’un effet volume lié au gain répété d’abonnés 2/ de la montée en puissance des médias et 3/ d’un rebond du wholesale lié à de bonnes performances commerciales chez EI Telecom et La Poste ...

Allan C. Nichols

Altice Reported Mixed 2018 Results; Shares Undervalued, but Company Highly Leveraged

Altice reported mixed 2018 results with revenue a bit higher and EBITDA lower than we expected. We anticipate these two issues to basically offset each and don’t expect any significant change to our EUR 2.40 per share fair value estimate or narrow moat rating. We believe the shares are undervalued but note that the stock’s very high uncertainty rating is due to its high level of leverage. Thus, we think only aggressive investors should consider investing in Altice’s stock at this time. The firm ...

Thomas Coudry

ALTICE: SFR FTTH: closing of forced but smart move | NEUTRAL | EUR2

ALTICE - NEUTRAL | EUR2 SFR FTTH: closing of forced but smart move Altice Europe closes SFR FTTH deal at strong but lower valuation than expected The deal appears as forced, but benefits are significant A smart deal faced with medium term downside risk

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
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 03/29/2019

...

Alastair Jones ...
  • James Ratzer
  • Jonathan Chaplin
  • Pierre FerraguÊ
  • Russell Waller

Global TMT: TMUS, ERICA/NOKIA, MIC, Naspers, ATC, SCMN

Global TMT: TMUS, ERICA/NOKIA, MIC, Naspers, ATC, SCMN Alastair Jones 9

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Nicolas David
  • Rémi Adam
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/31/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/01/2019

...

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 March 1, 2019, the closing price was EUR 2.05 and its expected value was estimated at EUR 1.86.

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...

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...

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 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 : 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

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

Analyse moyen terme - ALTICE : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 1,358 €, puis 0,760 €. Le franchissement de 3,600 € remettrait en cause la suite de la baisse.

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