Altice International

Altice International’s Q2 results were broadly mixed; however, the core Portugal segment, which is the largest, showed some signs of improvement. Leverage remains elevated at 5.4 times, but with no imminent debt maturities and sufficient liquidity, we consider the timeline for restructuring to be medium term.
The Company expects to complete the sale of IBC in Israel by year-end, which should generate approximately €130 million in proceeds to be applied towards general corporate purposes. Management remains reticent regarding potential future asset disposals, including the offer received for HOT Mobile from an Israeli competitor. Notably, no updates were provided on the potential monetisation of the FastFibre asset.

We await the full financial results before revising our model.