Telecoms services update: still favouring Altice over SFR

We have updated  our fair values on Altice and SFR following the latest publication  and  market  trends.  Our  case  remains  globally  unchanged, but  we  have  lowered  our  SFR  fair  value  to  EUR29.2  from  EUR30, and we  have  increased  our  Altice  fair  value  to EUR22.8 from EUR20.7.  We continue   to   favour   Altice   over   SFR,   and   we   stick   to   our   Buy recommendation on Altice, and we remain at Neutralon SFR.


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