- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed -
Capital and Legal Structure 14/11/22
Business, Peers, Leverage 30/09/22
Inflation and Cashflow 14/11/22
Investment Discussion 14/11/22
Altice International has commenced its financial restructuring by raising €750m at Altice Portugal S.A. This was enabled by
Orange published its third-quarter results this morning. While there were limited remarks regarding its joint venture bid for Altice SFR, management clarified that
Although no formal restructuring discussions have commenced with the Company, the senior creditors remain well-organised, having extended their
Altice International’s Q2 results were broadly mixed; however, the core Portugal segment, which is the largest, showed some signs of improvement. Leverage remains
Please find our updated analysis of Altice International here.
We look forward to sharing a more detailed note post the Q2 numbers later this month, but some of you have requested a recapitalisation table, which we share in this analysis. As evidenced by current trading levels, an imminent restructuring may
Moody’s downgraded Altice International's senior secured debt to Caa2 from Caa1, and its unsecured debt to Ca from Caa3. Given where the
Our main takeaway from yesterday’s call was the confirmation that Altice International were in discussions to sell a stake in its
No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
Altice International are again trying to sell their Covilhã Data centre in Portugal, with press reports stating that the base valuation exceeds €100m / close to
As previously commented Gibson Dunn has launched a cooperative agreement for senior creditors in Altice International. This became effective
Rinse and repeat - it worked for Altice France, so Altice International secured creditors have launched a cooperation agreement, advised by Gibson Dunn. The debt documentation is
Don’t get too excited. Press over the weekend reports that Altice is seeking to exit its fibre JV OXG with Vodafone. Firstly, this is Altice Luxembourg SA, the
While we await the finalised restructuring proposal at Atlice France, S&P have downgraded Altice International's structure, with the Senior Secured Notes downgraded to CCC+ and the
Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
Please find our updated model here.
We continue to see value in Altice International bonds, and despite the obvious tainting from related Altice entities, Altice International remains a
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
Altice 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
Please 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
The $725m of cash from the Teads sale will help de-leverage Altice International and is a positive for bondholders. The deal also
Press 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
Moody’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
Please find our updated model here.
But does the financials and the model matter? The last comment from the management on the call is probably the most important one stating
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
Bloomberg 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
Altice 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
S&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
The 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
Please find our updated model here.
Altice International reported its Q4 and FY23 numbers which were broadly in line with our expectations. The business continues to show its resilience and
We are awaiting full numbers, but Altice International released their preliminary numbers and call yesterday. With the general consensus that Altice International will
In 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