Why Read?

• Understand break-up valuations for Altice International (based on press-reported Potential Bid EVs, listed comparables multiples and acquisition prices paid to create Altice International) across Portugal Telecom, FastFiber stake, HOT (including HOT Mobile), Altice Dominicana and other assets. What do these imply for coverage of SSNs and SUNs?
• Understand why consolidated FCF metrics for Altice International do not really represent cash available to service debt at Altice International, how we adjust unleveraged FCF and DCF valuation for this, why DCF valuations of Altice International are lower than break-up valuations and hence why a sale of Altice International Portugal may be complicated by only partial ownership of FastFiber
• Understand impact of deconsolidating FastFiber (in a hypothetical sale of Altice International’s 50.01% equity stake) on Altice International’s EBITDA, FCF and capitalisation

What’s New?

• Deep dive into what makes up Altice International’s consolidated cash flow 
• Financial projections and DCF and multiples-based valuations – base, bear and bull cases
• Estimating IRRs on fibre optic network capex using Openreach as an example

Questions Answered

• How much of FastFiber’s EBITDA comes from MEO vs other internet service providers?
• What is Altice International’s 50.01% equity stake in FastFiber worth?
• What prices did Altice pay to acquire the businesses which make up Altice International?
• What would be an alternative strategy for Saudi Telecom to acquire Portugal Telecom?
• What cash has been distributed over time from Altice International entities to Altice Luxembourg via intra-group loans?