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Altice USA Inc Class A ATUS Stock Quote

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Altice USA Posts Weak Q3 Results; Fair Value Estimate to $19

Analyst Note

| Michael Hodel, CFA |

Altice USA continued to struggle during the third quarter, reporting poor customer losses, weak revenue per customer, and soft margins. On the brighter side, the firm’s network upgrade effort has accelerated nicely, and management indicated that it has seen signs of a turnaround thus far during the fourth quarter. New CEO Dennis Mathew stated he’s taking a hard look at marketing, pricing, and customer service. We suspect his operating experience at Comcast will serve Altice well, but the stock’s investment prospects will likely be tied to M&A decisions in the near term. Former CEO and current chairman Dexter Goei indicated that the board is very close to a decision on the sale of all or part of the former Suddenlink territory, which accounts for about 30% of revenue, and is potentially interested in taking the firm private.

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Company Profile ATUS

Business Description

Altice Europe acquired privately held U.S. cable company Suddenlink in 2015 and Cablevision in 2016. Suddenlink’s networks provided television, internet access, and phone services to roughly 3.5 million U.S. homes and businesses located primarily in smaller markets, with major clusters in Texas, West Virginia, Idaho, Arizona, and Louisiana. Cablevision provided comparable services to about 5.5 million homes and business in the New York City metro area. Altice Europe spun off Altice USA, which includes both the Suddenlink and Cablevision operations, to shareholders in 2018. Altice USA also owns News 12 Networks, which broadcasts local 24-hour news networks in New York, i24News, a news operation focused on the Middle East and Israel, and Cheddar, a news upstart.

1 Court Square West, Long Island City
New York, NY, 11101
T +1 516 803-2300
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 9,000

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