iguanito
Forumer storico
Cioè la banca può fare acquistare il bond anche in assenza del kid?
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Fabrib
Forumer storico
Binck lo permette se si è censiti come investitore qualificato.
iguanito
Forumer storico
Ok. Grazie.
lo stesso bond, non acquistabile su iw, l'ho acquistato con webank, sul tlx si intende
gualberto
Charlie don't Surf
la norma c'è ma l'applicazione non è uniforme fra le banche
non parlare da avvocato che hai il terzo avviamento
Fra41
Forumer storico
BREAKINGVIEWS-Altice wins most from $2 bln fibre sale
30/11/2018 13:15 RSF
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Liam Proud
LONDON, Nov 30 (Reuters Breakingviews) - Patrick Drahi’s financial engineering makes Europe’s other telecom bosses seem idle. A 30 billion euro debt pile admittedly forces the founder and controlling shareholder of Altice (ATC.AS) to be creative.
The tycoon has nonetheless come out top from his latest sale.
Altice on Friday said it had agreed to sell just under half of a unit that’s building fast-broadband lines in France to funds managed by insurers Allianz (ALV.EQ) and AXA (CS.EQ) and a Canadian pension manager for 1.8 billion euros. The unit will build connections reaching at least 1 million homes each year for the next four years, focusing on less populous regions of France.
Drahi is selling partly out of necessity. Without the infrastructure investors’ cash, he’d be unable to build the fast lines customers want and simultaneously reduce net debt, which at 30 billion euros is almost 13 times Altice’s market capitalisation. The cash proceeds at least make a small dent, reducing the company’s leverage to 5.3 times 2019 EBITDA from 5.6 times currently, according to Breakingviews calculations based on Refinitiv estimates. The cost is that Altice gives up its claim on half of the unit’s eventual cash flows.
Still, the good outweighs the bad. Low interest rates have created a thirst for infrastructure-like assets that generate steady cash flows. Drahi has seized on that to secure a premium valuation for an income stream that doesn’t exist yet. Assume the fibre unit builds its network as planned and that two in three homes take up the broadband service, implying 2.7 million customers in 2021. At a standard wholesale fee of 15 euros a month and an 80 percent margin estimated by Deutsche Bank analysts, the business would generate EBITDA of 384 million euros in that year. The sale values the unit’s equity at 3.6 billion euros. Add a planned 1.8 billion euro debt package, and the enterprise value is 14 times its 2021 EBITDA. That’s more than twice the multiple that Altice investors attach to its expected EBITDA for next year.
In the meantime, Drahi is offloading some of the risk that customers choose not to switch to faster fibre services, or that mobile-based 5G internet connections prove more popular than expected. Nor is he giving up control. For a financial engineer, even selling off a prized asset can be attractive if the price is right.
On Twitter Liam Proud (@LiamWardProud) | Twitter
CONTEXT NEWS
- Altice Europe said on Nov. 30 it was in exclusive talks to sell a 49.9 percent stake in a French fibre-broadband business to infrastructure investors.
- Allianz Capital Partners, Axa Investment Managers and OMERS infrastructure - an arm of the Ontario municipal employees’ pension fund - will pay Altice 1.8 billion euros for the stake, implying an overall equity value of 3.6 billion euros.
- The unit, called SFR FTTH, will sell wholesale fibre connections to all operators on the same terms and conditions, including Altice-owned SFR.
- Altice, which is controlled by billionaire Patrick Drahi, will also sell technical services to the business including subscriber construction, connection and maintenance.
- Altice said that the unit’s capital spending requirements will be covered by a 1.8 billion euro non-recourse, off-balance sheet debt package over the next four years.
- Altice’s Amsterdam-listed shares were up almost 10 percent to 2.03 euros at 0850 GMT on Nov. 30.
- For previous columns by the author, Reuters customers can click on [PROUD/]
- SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS Top News Signup
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Altice sells stake in French fibre unit, shares surge [nL8N1Y51I4]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Editing by Peter Thal Larsen and Bob Cervi)
(([email protected]; Reuters Messaging: [email protected]))
30/11/2018 13:15 RSF
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Liam Proud
LONDON, Nov 30 (Reuters Breakingviews) - Patrick Drahi’s financial engineering makes Europe’s other telecom bosses seem idle. A 30 billion euro debt pile admittedly forces the founder and controlling shareholder of Altice (ATC.AS) to be creative.
The tycoon has nonetheless come out top from his latest sale.
Altice on Friday said it had agreed to sell just under half of a unit that’s building fast-broadband lines in France to funds managed by insurers Allianz (ALV.EQ) and AXA (CS.EQ) and a Canadian pension manager for 1.8 billion euros. The unit will build connections reaching at least 1 million homes each year for the next four years, focusing on less populous regions of France.
Drahi is selling partly out of necessity. Without the infrastructure investors’ cash, he’d be unable to build the fast lines customers want and simultaneously reduce net debt, which at 30 billion euros is almost 13 times Altice’s market capitalisation. The cash proceeds at least make a small dent, reducing the company’s leverage to 5.3 times 2019 EBITDA from 5.6 times currently, according to Breakingviews calculations based on Refinitiv estimates. The cost is that Altice gives up its claim on half of the unit’s eventual cash flows.
Still, the good outweighs the bad. Low interest rates have created a thirst for infrastructure-like assets that generate steady cash flows. Drahi has seized on that to secure a premium valuation for an income stream that doesn’t exist yet. Assume the fibre unit builds its network as planned and that two in three homes take up the broadband service, implying 2.7 million customers in 2021. At a standard wholesale fee of 15 euros a month and an 80 percent margin estimated by Deutsche Bank analysts, the business would generate EBITDA of 384 million euros in that year. The sale values the unit’s equity at 3.6 billion euros. Add a planned 1.8 billion euro debt package, and the enterprise value is 14 times its 2021 EBITDA. That’s more than twice the multiple that Altice investors attach to its expected EBITDA for next year.
In the meantime, Drahi is offloading some of the risk that customers choose not to switch to faster fibre services, or that mobile-based 5G internet connections prove more popular than expected. Nor is he giving up control. For a financial engineer, even selling off a prized asset can be attractive if the price is right.
On Twitter Liam Proud (@LiamWardProud) | Twitter
CONTEXT NEWS
- Altice Europe said on Nov. 30 it was in exclusive talks to sell a 49.9 percent stake in a French fibre-broadband business to infrastructure investors.
- Allianz Capital Partners, Axa Investment Managers and OMERS infrastructure - an arm of the Ontario municipal employees’ pension fund - will pay Altice 1.8 billion euros for the stake, implying an overall equity value of 3.6 billion euros.
- The unit, called SFR FTTH, will sell wholesale fibre connections to all operators on the same terms and conditions, including Altice-owned SFR.
- Altice, which is controlled by billionaire Patrick Drahi, will also sell technical services to the business including subscriber construction, connection and maintenance.
- Altice said that the unit’s capital spending requirements will be covered by a 1.8 billion euro non-recourse, off-balance sheet debt package over the next four years.
- Altice’s Amsterdam-listed shares were up almost 10 percent to 2.03 euros at 0850 GMT on Nov. 30.
- For previous columns by the author, Reuters customers can click on [PROUD/]
- SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS Top News Signup
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Altice sells stake in French fibre unit, shares surge [nL8N1Y51I4]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Editing by Peter Thal Larsen and Bob Cervi)
(([email protected]; Reuters Messaging: [email protected]))
policeman
Forumer storico
la DB ti fa firmare il documento di "on your responsability & risk" & "No claims against DB"
