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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752

ALTICE EUROPE N.V.

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

11/20/2017 | 04:58am EST
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

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. 0.04% 5.336 Real-time Quote.0.15%
ALTICE USA, INC. 2.76% 35.4 Delayed Quote.-6.52%
HSBC HOLDINGS PLC -1.21% 403.25 Delayed Quote.6.44%
JUST GROUP PLC -3.16% 79.65 Delayed Quote.14.45%
SHIFT, INC. -2.07% 12310 End-of-day quote.-13.98%
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More news
Financials
Sales 2020 14 984 M 18 093 M 18 093 M
Net income 2020 -203 M -245 M -245 M
Net Debt 2020 31 405 M 37 921 M 37 921 M
P/E ratio 2020 -45,7x
Yield 2020 -
Capitalization 6 494 M 7 852 M 7 842 M
EV / Sales 2020 2,53x
EV / Sales 2021 2,41x
Nbr of Employees 45 409
Free-Float 46,0%
Chart ALTICE EUROPE N.V.
Duration : Period :
Altice Europe N.V. Technical Analysis Chart | ATC | NL0011333752 | MarketScreener
Technical analysis trends ALTICE EUROPE N.V.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 4,82 €
Last Close Price 5,34 €
Spread / Highest target 82,7%
Spread / Average Target -9,68%
Spread / Lowest Target -25,0%
EPS Revisions
Managers and Directors
NameTitle
Alain Phillippe Romain Weill Chief Executive Officer & Executive Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
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