ATUS - Altice USA: Significant Downside Risk Driven By Capital Structure And Valuation Framework
2024-06-03 06:12:37 ET
Summary
- Altice USA is likely close to starting a liability management exercise that could harm creditors, who started to organize.
- We think the valuation framework of public comps and the leverage attached to ATUS make the equity highly expensive.
- The convexity that is priced in the stock price reflects a high probability of improvement that, we think, is unlikely in the short run.
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Altice USA: Significant Downside Risk Driven By Capital Structure And Valuation Framework