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SFR and the downsides of the LBO model - Venture Insights

Report Overview

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SFR and the downsides of the LBO model

PublisherEnders Analysis.
Publish Date November 25, 2016
Sector Mobile and Wireless Technology, Telecom.
Company Altice, Orange, SFR, Vivendi.

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France’s number two telecoms operator has suffered extensive damage since the 2014 takeover by Altice, which engaged in a slash-and-burn leveraged buy-out. Market share loss has triggered a revenue decline, with uncertainty of when this might stabilise.

Increased investments will barely allow SFR to stand still in the competitive race for 4G and fibre deployment. Cash flow, while in decline, is sufficient to meet high debt payments – but rising bond yields could pressure P&L.

SFR aims to appeal to subscribers through enlarged bundles of content sourced mainly from Altice investments in media, but execution seems geared to achieve VAT optimisation and augment the group’s political influence – which may be needed as massive job cuts are planned.