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ATUS

Altice USA

$17.96

-0.16 (-0.88%)

, ATCEY

Altice

$0.00

(0.00%)

07:09
10/02/18
10/02
07:09
10/02/18
07:09

Altice USA to combine Suddenlink, Optimum businesses under single credit silo

Following the initial public offering of Altice USA (ATUS) and subsequent separation from Altice Europe (ATCEY), Altice USA has announced its intention to further simplify its structure and operations by combining the Suddenlink and Optimum businesses under a single credit silo. The Combination is expected to be leverage neutral for Altice USA. The Combination will mark a significant milestone in the integration of the Suddenlink and Optimum businesses and align Altice USA's debt capital structure with the way Altice USA is managed: as a unified company with a common strategy. The Combination will result in a more diversified credit silo which is expected to simplify Altice USA's financing strategy and financial reporting requirements. The Combination is expected to be effected mainly by the following transactions: Exchange of existing Cequel senior secured and senior notes into new Cequel senior secured and senior notes issued by the same issuers, which will automatically convert into new senior guaranteed and senior notes of CSC Holdings, LLC upon satisfaction of certain conditions, including the consummation of the Combination and refinancing of existing Cequel Credit Facility with proceeds of a new Term Loan at CSC Holdings, LLC. The closing of the Combination is subject to regulatory filings and approvals and other customary conditions, and Altice USA may decide not to proceed with the Combination at any time prior to its consummation.

ATUS

Altice USA

$17.96

-0.16 (-0.88%)

ATCEY

Altice

$0.00

(0.00%)

ATUS Altice USA
$17.96

-0.16 (-0.88%)

07/09/18
GUGG
07/09/18
UPGRADE
GUGG
Buy
Altice USA upgraded to Buy from Neutral at Guggenheim
07/09/18
GUGG
07/09/18
UPGRADE
Target $24
GUGG
Buy
Altice USA upgraded to Buy at Guggenheim on valuation
As reported earlier, Guggenheim analyst Michael Morris upgraded Altice USA to Buy from Neutral and raised his price target to $24 from $21. Morris notes that he remains bearish on the the overall trend of heightened direct and collateral pricing pressure from competitive virtual video providers, along with sustained pressure from maturing broadband tempering enthusiasm for cable investment. However, the analyst also states that the "valuation multiple contraction across the pay-TV industry has created a particularly attractive investment opportunity in Altice USA" given that investor interest in the company had been tempered by the previously-complicated ownership structure and limited share float. Morris believes that those concerns have been "over-emphasized" in the company's current valuation.
07/10/18
FBCO
07/10/18
INITIATION
Target $21
FBCO
Outperform
Altice USA initiated with an Outperform at Credit Suisse
Credit Suisse analyst Doug Mitchelson initiated Altice USA with an Outperform and $21 price target citing an expected 2H 2018 revenue acceleration with a potential return of stock repurchases within the year.
08/09/18
RBCM
08/09/18
NO CHANGE
Target $25
RBCM
Outperform
Altice USA price target lowered to $25 from $31 at RBC Capital
RBC Capital analyst Jonathan Atkin lowered his price target on Altice USA to $25 after its lower than expected Q2 EBITDA, citing pressure coming from one-time items. The analyst keeps his Outperform rating, noting that revenue and adjusted EBITDA should accelerate in the second half of the year with pricing increases and political advertising revenue.
ATCEY Altice
$0.00

(0.00%)

11/07/17
GSCO
11/07/17
DOWNGRADE
GSCO
Neutral
Altice downgraded to Neutral from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Andrew Lee downgraded Altice to Neutral and removed the shares from his firm's Conviction Buy list. The analyst believes the company's performance in France means a weaker sales growth outlook. He lowered his price target for the shares to EUR 14 from EUR 27.

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