Altice USA Inc Class A

ATUS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.00	Mcclc	Yttv

Altice USA Earnings: Operational Improvements Are Making Progress, but the Road Is Long

Michael Hodel

Aug 3, 2023

Altice USA’s second quarter provided glimmers of hope, but the firm remains far from healthy. While shares remain deeply undervalued relative to our $13 fair value estimate, our Very High Morningstar Uncertainty Rating reflects Altice USA’s very large debt load. The firm will likely need several quarters to stabilize its customer base before it can begin growing revenue again. An unexpected increase in competitive intensity before it reaches that stabilization point could be difficult to overcome.

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