shakermaker schreef op 25 januari 2015 12:52:
U vraagt zich af of Altice degelijk gefinancierd is met al die 'mooie' overnames in landen als Portugal waar deflatie heerst en de groei negatief is?
Het antwoord is dat Moody's grote risico's ziet en een negatieve outlook hanteert.
Huidige rating B:
Obligations rated B are considered speculative and are subject to high credit risk. (1)
However, Moody's also continues to see considerable risks from (i) the rapid pace of Altice and Altice International's acquisition activity and geographic expansion, (ii) the all-debt-financed nature of the Portugal Telecom acquisition and the strong reliance on debt-financing for the companies' other, often opportunistic acquisitions, (iii) the significant challenge for the company's small entrepreneurial central management group to effectively supervise and enact the ongoing rationalisation and business development processes in the companies' various operations, in particular at SFR, (iv) Altice's lack of full economic control of SFR; (v) Altice's significant exposure to the highly competitive French telecoms market and (vi) a difficult macro-economic environment in France and Portugal. (2)
Vandaar natuurlijk ook de hoge obligrente die betaald wordt.
Vandaar dat er geen dividend wordt uitbetaald.
Dit is een Imtech; Overnames volledig gefinancierd met geleend geld.
*1
www.moodys.com/researchdocumentconten...*2
www.moodys.com/research/Moodys-confir...