Resultaten zijn beter dan verwacht, omzetdaling in Frankrijk en Portugal duidelijk minder dan gedacht het positieve is dat de concurrentie beduidend minder heeft gepresteerd, hopelijk krijgen we tijdens de persconferentie uitsluitsel over Charter dat kan het verschil helemaal maken !!!
Key financial figures in Q3
· Altice Group Revenue €5,755m, increase of +0.3% YoY on a constant currency (CC) basis; down -1.8% YoY on a reported basis:
o €2,757m France (SFR) Revenue, down -1.3%;
o €1,970m Altice USA Revenue, increase of +3.2% on a CC basis to $2,327m in local currency; down -2.5% on a reported basis;
o €566m Portugal Revenue, down -3.1%.
· Altice Group Adjusted EBITDA €2,358m, increase of +4.2% on a CC basis; up +1.8% YoY on a reported basis:
o €1,009m France (SFR) Adjusted EBITDA, down -3.2%.
o €885m Altice USA Adjusted EBITDA, increase of +18.9% on a CC basis to $1,042m in local currency; up +12.8% on a reported basis;
o €265m Portugal Adjusted EBITDA, down -1.3%.
· Altice Group Adjusted EBITDA margin expanded by +1.5% pts YoY to 41.0%:
o France (SFR) margin decreased by -0.7% pts to 36.6%.
o Altice USA margin increased +6.1% pts to 44.9% under IFRS (44.1% under GAAP reporting standard);
- US Optimum margin increased by +7.9% pts to 43.7% under IFRS (42.9% under GAAP);
- US Suddenlink margin increased by +1.4% pts to 47.8% under IFRS (47.1% under GAAP).
o Portugal margin increased by +0.9% pts to 46.8%.
· Altice Group Operating Free Cash Flow of €1,411m, increase of +6.2% on a CC basis; up +2.9% YoY on a reported basis.
For 2017, Altice Group revenue is expected to grow on a pro forma organic basis. Group Adjusted EBITDA is expected to grow at the low end of the guidance range for high-single digit growth (consistent with year-to-date EBITDA growth of c.6% YoY on a CC basis). Group capex is expected to be c.€4bn.