Altice Is a Private Equity Firm On The Stock Mkt, Goldman Says
2014-11-04 07:43:24.419 GMT
By Sam Chambers
Nov. 4 (Bloomberg) -- Altice has shown an ability to buy
and sell assets at the correct time in the economic cycle and
increased the Ebitda margins of its targets by an avg. of 24pct
points, Goldman says.
* Goldman: With Numericable, Altice can achieve the targeted
EU1b cost synergies within 3 yrs and extract another EU1.3b
synergies by 2018, based on historical precedent
* Margin expansion at SFR-NUM should generate up to EU20b
of additional debt funded M&A resources over next 4 yrs
* Reinstates Altice as conviction list buy with EU75 PT
(53% upside) and Numericable as buy with PT EU40 (37%
upside)
* Reinstates Altice as conviction list buy with EU75 PT
(53% upside) and Numericable as buy with PT EU40 (37%
upside)</li></ul>
* Nov. 2: Altice made $8.8b offer for Oi’s Portugese assets;
Oi confirmed the proposal will be assessed by its board
* NOTE: Altice shrs are up 74% since its Jan IPO
* NOTE: Co. reports 3Q results on Nov. 14
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To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-11-04 07:43:24.419 GMT
By Sam Chambers
Nov. 4 (Bloomberg) -- Altice has shown an ability to buy
and sell assets at the correct time in the economic cycle and
increased the Ebitda margins of its targets by an avg. of 24pct
points, Goldman says.
* Goldman: With Numericable, Altice can achieve the targeted
EU1b cost synergies within 3 yrs and extract another EU1.3b
synergies by 2018, based on historical precedent
* Margin expansion at SFR-NUM should generate up to EU20b
of additional debt funded M&A resources over next 4 yrs
* Reinstates Altice as conviction list buy with EU75 PT
(53% upside) and Numericable as buy with PT EU40 (37%
upside)
* Reinstates Altice as conviction list buy with EU75 PT
(53% upside) and Numericable as buy with PT EU40 (37%
upside)</li></ul>
* Nov. 2: Altice made $8.8b offer for Oi’s Portugese assets;
Oi confirmed the proposal will be assessed by its board
* NOTE: Altice shrs are up 74% since its Jan IPO
* NOTE: Co. reports 3Q results on Nov. 14
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net