Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
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As always, plusses and minuses when it comes to the Altice story. On the plus side, management was very clear that the proceeds from the Teads sale would be
Read MoreAltice UK have agreed to sell its 24.5% BT stake to Bharti Enterprises, initially selling 9.99% immediately and subsequently the balance, once regulatory approval is
Read MorePlease find a short note post Altice International’s sale of Teads to Outbrain Inc. We will update our models after the Q2 results, released on Thursday, August 29th.
Ultimately this is a better valuation and cash proceeds than we had envisaged. Valuations have always fluctuated for the Teads business, with
Read MoreThe $725m of cash from the Teads sale will help de-leverage Altice International and is a positive for bondholders. The deal also
Read MorePress reports from Portugal indicate the sales process of Altice Portugal has ended, due to price. This is disappointing news for the wider Altice Group and
Read MoreMoody’s downgraded Altice International yesterday to Caa1, from B3 on the Secured and Caa3 from Caa2 for the unsecured bonds, with outlook on all entities changing to
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Management may state that Altice International is a “completely different entity" to Altice SFR and they look forward to “normalised trading levels”. The reality is
Read MoreBloomberg are reporting that SocGen were unable to sell its RCF as bids came in lower than its 70% reserve. The movement in the RCF down to the operations does not
Read MoreAltice International and Altice SFR are reporting next Tuesday at 1 pm and 4 pm respectively. There will be a lot to digest on both calls, but specifically at Altice SFR with
Read MoreS&P downgraded Altice International on Friday to B- with a negative outlook, citing the higher interest burden due to underlying rates, the impact of the
Read MoreThe process to sell Altice’s Portuguese business was extended according to press reports. The deadline for binding offers was supposed to be 18th March but
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We are awaiting full numbers, but Altice International released their preliminary numbers and call yesterday. With the general consensus that Altice International will
Read MoreIn line with management’s comments, all assets are for sale. As part of the process, it is reported that Altice has appointed Morgan Stanley to
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Please find our updated model here.
The performance of Altice International bonds will be determined in two distinct areas - operational performance and structural considerations. Although there are likely to be increased competitive pressures in the Portuguese operations, we retain our new
Read MoreSTC (Saudi Telecom Company) Group, who have bought a 9.9% equity stake in Telefeconica in September 2023, and also acquired United Group’s Tower assets in
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Underlying results reported yesterday were a non-event as the Company continue to grow both top-line and EBITDA as per guidance. With no major debt maturities before
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