Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Netherlands
  4. Euronext Amsterdam
  5. Altice Europe A
  6. News
  7. Summary
    ATC   NL0011333752

ALTICE EUROPE A

(ATC)
End-of-day quote. End-of-day quote Euronext Amsterdam - 01/26
5.34 EUR   -0.07%
06/10Altice Europe Reportedly Seeks Buyers for EUR 6 Billion Portugal Ops
CI
06/10BT : Sells 12% Stake To Patrick Drahi's Altice UK
MT
03/03Vivendi Considering Bidding for Bertelsmann's Stake in M6
MT
SummaryQuotesChartsNewsRatingsCalendarCompany 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Altice has no plans to sell shares to tackle $58 billion debts

11/20/2017 | 04:58am EDT
French Finance Minister Bruno Le Maire attends the questions to the government session at the National Assembly in Paris

PARIS (Reuters) - Altice (>> Altice) has no plans to raise cash by selling shares, the telecoms and cable group said on Monday, adding it had no problems with any loans and would cut its debts of $58 billion (£43.7 billion) through asset sales.

PARIS (Reuters) - Altice (>> Altice) has no plans to raise cash by selling shares, the telecoms and cable group said on Monday, adding it had no problems with any loans and would cut its debts of $58 billion (£43.7 billion) through asset sales.

Altice's shares bounced to regain some ground following the statement, after having fallen 12 percent on Friday. The stock was up 12.4 percent at 9.1O euros by 0945 GMT, although it remains down by nearly 60 percent since the start of 2017.

Weak third-quarter results on Nov. 2 prompted Altice's billionaire founder Patrick Drahi, who holds some 30 percent of its shares, to oust chief executive Michel Combes.

Altice has grown in the United States and Europe through debt-fuelled acquisitions, raising its net debt to more than five times its annual core operating profit.

Drahi said last week that Altice would shift away from acquisitions towards debt reduction and customer satisfaction, but concerns that Altice may need to raise cash hit its shares.

"Altice confirms that it is not in preparation of a cash raising by means of an equity- or equity-linked issuance and has no intention to pursue such action within the group including Altice USA," it said in a statement.

HSBC, which has a "buy" rating on Altice's U.S. arm (>> Altice USA Inc), said Altice had no major refinancing due before 2022 and that its debt was relatively well-covered by free cash flow.

Some traders had suggested that Altice may face margin calls over its loans, but Altice said it had no margin loan problems, and that it had a strong liquidity position.

Altice's debt was around 49.6 billion euros ($58 billion/£44.1 billion) by the third quarter, while its stock market value is roughly 10 billion euros.

Altice reiterated it had identified non-core assets that could be sold, including its portfolio of telecoms towers, and that sales could start as early as the first half of 2018.

Francois Godard, European media and telecoms analyst at Enders Analysis, said that while Altice's update might reassure bondholders in the short-term, in the longer run the company still needed to improve its underlying performance in France.

"Bondholders will be more comfortable once they see that the French operational performance is getting better," he said.

(Reporting by Sudip Kar-Gupta; Additional reporting by Marianna Ciabach; Editing by Stephen Coates and Alexander Smith)

By Sudip Kar-Gupta

Stocks treated in this article : Altice, Altice USA Inc

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ALTICE USA, INC. 0.36% 25.25 Delayed Quote.-33.32%
HSBC HOLDINGS PLC 3.00% 371.05 Delayed Quote.-5.04%
JUST GROUP PLC 0.28% 89.65 Delayed Quote.27.90%
All news about ALTICE EUROPE A
06/10Altice Europe Reportedly Seeks Buyers for EUR 6 Billion Portugal Ops
CI
06/10BT : Sells 12% Stake To Patrick Drahi's Altice UK
MT
03/03Vivendi Considering Bidding for Bertelsmann's Stake in M6
MT
03/03ALTICE EUROPE N : French Unit SFR To Cut 1,700 Jobs In 2021
MT
03/01MARKET CHATTER : French Phone Companies Start Removing Huawei Wireless Equipment From Urba..
MT
02/05Lucerne Capital Files Petition against Altice Europe
CI
01/27ALTICE EUROPE N.V.(ENXTAM : ATC) dropped from FTSE All-World Index
CI
01/27ALTICE EUROPE N.V.(ENXTAM : ATCB) dropped from FTSE All-World Index
CI
01/27ALTICE EUROPE N.V.(ENXTAM : ATCB) dropped from S&P Global BMI Index
CI
01/27ALTICE EUROPE N.V.(ENXTAM : ATC) dropped from S&P Global BMI Index
CI
More news
Analyst Recommendations on ALTICE EUROPE A
More recommendations
Chart ALTICE EUROPE A
Duration : Period :
Altice Europe A Technical Analysis Chart | ATC | NL0011333752 | MarketScreener
Managers and Directors
Patrick Drahi President & Executive Director
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Thierry Sauvaire Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
ALTICE EUROPE A0.23%7 814
VERIZON COMMUNICATIONS-7.64%223 690
CHARTER COMMUNICATIONS, INC.13.01%137 431
CHINA MOBILE LIMITED6.67%123 969
NIPPON TELEGRAPH AND TELEPHONE CORPORATION21.94%106 708
DEUTSCHE TELEKOM AG15.15%95 714