JPM on Altice 4 months ago... | LUMN Message Board Posts


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Msg  177392 of 177721  at  9/26/2021 12:16:56 PM  by

Professor Longhair


 In response to msg 177386 by  from6454
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Re: JPM on Altice 4 months ago...

Cusick messed up on this one, most recent Comments:

Investment Thesis
We maintain our Overweight rating on Altice USA, but lower our December 2022 price target to $30 (from $40 prior). While momentum is weak, we see long-term upside from the companys step-up in network investments in the coming years despite commensurately lower FCF.
Valuation
We base our December 2022 price target of $30 primarily on a discounted cash flow analysis that assumes an 8.0% WACC and a 1.5% perpetual growth rate. On an EV/EBITDA basis, shares currently trade at 7.9x our 2022 estimate.
Risks to Rating and Price Target
Downside risks include: 1) fiber deployment and long-term capex levels may prove optimistic; 2) debt load and leverage; 3) accelerating video losses; 4) potential pick-up in telco competition (fixed or wireless); and 5) Altice USA is a controlled company.





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