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Altice: first sell rating from Société Générale

( - This morning Société Générale (SG) examines at Patrick Drahi's Dutch telecom holding company Altice NV.

According to analysts, it is too early to find value in the stock, which has resulted in the broker adopting its first "sell" rating, with a target price of six euros. Indeed, SG analysts prefer Altice USA.

SFR and Altice Europe have high gearing, and this is increasing, SG frowns on in its research report. Indeed, Société Générale has ruled out liquidity risk, as the first bond maturities are not expected until after 2021.

However, SG has identified "a valuation risk," while SFR's business development - the French subsidiary of Altice Europe - is deteriorating, which is penalising its parent company as a result. However, for SFR, which represents one third of Altice's enterprise value, trends should not stabilise before 2019, SG predicts.

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