Altice International - comment

Call is ongoing but quick takeaways include a potential Amend and Extend on their upcoming Term Loan maturities (2025). Operationally, revenue, EBITDA and Operational FCF has continued the previous quarter's growth. More importantly, Altice International confirms the full-year growth will broadly be in line with year-to-date performance. Secondly, management have reiterated their mid-term guidance of EBITDA less CAPEX to be in excess of €1bn p.a. and target leverage to remain at 4.0-4.5x.

We aim to have our initiation out later this week.