Altice Europe N.V.: Q4 2019 Consensus - 23.03.2020 - 07:30am CET

Altice Europe N.V. Consolidated Q4 2019E consensus estimates (pro forma, IFRS).

Figures shown in EUR millions

	Revenue		Q4 18A	Q4 19E	19E / 18A		Capex (accrued)
	Total Altice France		2,637	2,909	10.3%		Total Altice France
	Portugal		526	532	1.1%		Portugal
	Israel		227	240	5.9%		Israel
	Dominican Republic		143	139	(2.7%)		Dominican Republic
	Teads		129	157	21.5%		Teads
	Others		0	(0)	-		Others
	Total Altice International		1,026	1,069	4.2%		Total Altice International
	Total Altice TV		50	61	-		Total Altice TV
	Corporate and Other		0	1	-		Corporate and Other
	Eliminations		(77)	(66)	-		Eliminations
	Total Altice Europe Consolidated		3,636	3,974	9.3%		Total Altice Europe Consolidated
	Total ex-Altice TV	3,587	3,913	9.1%		Total ex-Altice TV
	Adjusted EBITDA						Adjusted EBITDA - Capex (accrued)
		Q4 18A	Q4 19E	19E / 18A
	Total Altice France		936	1,087	16.1%		Total Altice France
	Portugal		199	199	0.2%		Portugal
	Israel		94	90	(3.4%)		Israel
	Dominican Republic		65	63	(3.5%)		Dominican Republic
	Teads		33	40	20.4%		Teads
	Others		(0)	(0)	-		Others
	Total Altice International		391	392	0.4%		Total Altice International
	Total Altice TV		(53)	(29)	-		Total Altice TV
	Corporate and Other		(12)	(10)	-		Corporate and Other
	Eliminations		1	(3)	-		Eliminations
	Total Altice Europe Consolidated		1,262	1,438	13.9%		Total Altice Europe Consolidated
	Total ex-Altice TV	1,316	1,467	11.5%		Total ex-Altice TV

Q4 18A	Q4 19E	19E / 18A
591	596	0.7%
120	121	0.8%
64	58	(8.6%)
31	29	(8.0%)
1	0	-
-	(0)	-
216	208	(3.7%)
(7)	4	-
-	1	-
(2)	(0)	-
799	809	1.3%
806	805	(0.1%)
Q4 18A	Q4 19E	19E / 18A
345	491	42.5%
79	78	(0.8%)
30	32	7.8%
34	34	0.7%
32	40	24.6%
(0)	(0)	-
174	184	5.6%
(46)	(33)	-
(12)	(11)	-
3	(3)	-
463	629	35.7%
510	662	29.9%

Notes:

Sell-side analyst estimates for Q4 are based on the average of forecasts from 13 Altice Europe N.V. analysts (as of February 24, 2020)

Sell-side analyst estimates and historical figures shown are pro forma defined as results of Altice Europe N.V. New Perimeter as if the spinoff of Altice USA had occurred on 1/1/17 and the press titles within the AMG France business ("France - Media" segment) as if the disposal occurred on 1/1/17. 'Financials for Altice Europe exclude the international wholesale voice business (following closing announced on September 13, 2018) and are shown pro forma for Portugal and Dominican Republic tower transactions

Financials for Altice Europe exclude press magazines disposed (following closing of Point de Vue on July 2, 2018 and Groupe L'Express on July 30, 2019) from 1/1/18. Segments shown on a pro forma standalone reporting basis, Group figures shown on a pro forma consolidated basis