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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 seeks up to 3 billion euros for Dominican Republic business - sources

11/23/2017 | 12:14pm EST

LONDON/PARIS (Reuters) - Telecoms and cable group Altice (>> Altice) hopes to raise as much as 3 billion euros ($3.5 billion) from the sale of its Dominican Republic business as it seeks to reduce debt and improve its performance, two sources close to the matter said on Thursday.

LONDON/PARIS (Reuters) - Telecoms and cable group Altice (>> Altice) hopes to raise as much as 3 billion euros ($3.5 billion) from the sale of its Dominican Republic business as it seeks to reduce debt and improve its performance, two sources close to the matter said on Thursday.

Altice's share price has halved since it reported disappointing quarterly results in France earlier this month amid a fiercely competitive market. The group is carrying a hefty 50 billion-euro ($59 billion) debt.

Patrick Drahi, the founder and majority owner of Altice fired chief executive Michel Combes and pledged last week the group would shift away from acquisitions towards reducing debt.

This week, Altice said it had identified assets that could be sold, including its portfolio of telecoms towers, and that sales could start as early as the first half of 2018.

Altice's Dominican Republic telecoms business generated 718 million euros in revenue last year, or 3 percent of the group's total. The price tag represents a multiple of seven to eight times the adjusted annual earnings before interest, taxes, depreciation and amortisation (EBITDA), the sources said.

The group's shares rose after the Financial Times reported a potential sale of the asset earlier on Thursday. They closed up 3.85 percent at 7.85 euros.

TOWERS SALE

Amsterdam-based Altice denied rumours last week that the group might sell shares to raise cash.

Instead, sales of non-core assets in Europe, such as some of its telecoms towers, could yield up to 4 billion euros, a senior banker familiar with the situation said at the time.

The banker also said that management had yet to decide whether to sell towers country by country or bundle them into a company and float it while retaining a majority stake.

The sale of the Dominican Republic business alone might not be sufficient to alleviate concerns raised by credit rating agency S&P Global Ratings, which changed its outlook on Altice's debt to negative from stable on Thursday.

Altice was given a B+ long-term credit rating by S&P, which is four notches below investment grade.

"The negative outlook reflects various execution risks that could prevent the group from sustaining its market positions in the core French market, reducing debt, and restoring market confidence," S&P said in a statement.

"We could lower the rating by one notch in the next year if management fails to restore sounder operations in France, such as achieving better customer retention and reducing turnover in senior management, or if it fails to trim absolute debt (...)," it added.

(Additional reporting by Gwenaelle Barzic in Paris; Editing by Elaine Hardcastle)

By Sophie Sassard and Mathieu Rosemain

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%
JUST GROUP PLC -3.16% 80 Delayed Quote.14.45%
SHIFT, INC. -2.07% 12310 End-of-day quote.-13.98%
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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 -26,0x
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.
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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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