Intrinsic value of Altice USA Cl A - ATUS

Previous Close

$17.82

  Intrinsic Value

$21.48

stock screener

  Rating & Target

buy

+21%

Previous close

$17.82

 
Intrinsic value

$21.48

 
Up/down potential

+21%

 
Rating

buy

We calculate the intrinsic value of ATUS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,513
  9,732
  9,982
  10,263
  10,574
  10,915
  11,287
  11,689
  12,123
  12,588
  13,086
  13,617
  14,183
  14,784
  15,421
  16,097
  16,812
  17,569
  18,368
  19,212
  20,103
  21,042
  22,032
  23,075
  24,173
  25,330
  26,547
  27,828
  29,176
  30,594
Variable operating expenses, $m
  8,287
  8,414
  8,559
  8,721
  8,901
  9,099
  9,314
  9,547
  9,798
  10,067
  7,572
  7,879
  8,207
  8,554
  8,923
  9,314
  9,728
  10,166
  10,629
  11,117
  11,632
  12,176
  12,749
  13,352
  13,988
  14,657
  15,361
  16,103
  16,883
  17,703
Fixed operating expenses, $m
  291
  298
  304
  311
  318
  325
  332
  339
  347
  354
  362
  370
  378
  387
  395
  404
  413
  422
  431
  440
  450
  460
  470
  480
  491
  502
  513
  524
  536
  547
Total operating expenses, $m
  8,578
  8,712
  8,863
  9,032
  9,219
  9,424
  9,646
  9,886
  10,145
  10,421
  7,934
  8,249
  8,585
  8,941
  9,318
  9,718
  10,141
  10,588
  11,060
  11,557
  12,082
  12,636
  13,219
  13,832
  14,479
  15,159
  15,874
  16,627
  17,419
  18,250
Operating income, $m
  934
  1,020
  1,119
  1,231
  1,355
  1,492
  1,641
  1,804
  1,979
  2,167
  5,152
  5,368
  5,598
  5,843
  6,103
  6,379
  6,671
  6,981
  7,309
  7,655
  8,020
  8,406
  8,813
  9,242
  9,695
  10,171
  10,673
  11,202
  11,758
  12,344
EBITDA, $m
  5,488
  5,614
  5,759
  5,923
  6,106
  6,306
  6,525
  6,762
  7,018
  7,293
  7,587
  7,902
  8,237
  8,594
  8,973
  9,375
  9,800
  10,251
  10,727
  11,230
  11,762
  12,322
  12,913
  13,537
  14,193
  14,885
  15,614
  16,381
  17,188
  18,037
Interest expense (income), $m
  1,092
  1,602
  1,644
  1,694
  1,752
  1,816
  1,887
  1,966
  2,051
  2,143
  2,243
  2,349
  2,463
  2,585
  2,715
  2,853
  2,999
  3,154
  3,318
  3,492
  3,675
  3,869
  4,073
  4,288
  4,515
  4,754
  5,006
  5,272
  5,551
  5,845
  6,154
Earnings before tax, $m
  -667
  -624
  -575
  -521
  -461
  -395
  -324
  -247
  -164
  -75
  2,803
  2,904
  3,013
  3,128
  3,250
  3,380
  3,517
  3,663
  3,817
  3,980
  4,152
  4,333
  4,525
  4,727
  4,940
  5,165
  5,402
  5,651
  5,913
  6,190
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  757
  784
  813
  844
  878
  913
  950
  989
  1,031
  1,075
  1,121
  1,170
  1,222
  1,276
  1,334
  1,395
  1,458
  1,526
  1,597
  1,671
Net income, $m
  -667
  -624
  -575
  -521
  -461
  -395
  -324
  -247
  -164
  -75
  2,046
  2,120
  2,199
  2,283
  2,373
  2,467
  2,568
  2,674
  2,786
  2,905
  3,031
  3,163
  3,303
  3,451
  3,606
  3,770
  3,943
  4,125
  4,317
  4,519

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  35,497
  36,313
  37,246
  38,294
  39,455
  40,729
  42,116
  43,617
  45,235
  46,971
  48,828
  50,810
  52,920
  55,162
  57,542
  60,064
  62,733
  65,556
  68,538
  71,687
  75,010
  78,515
  82,208
  86,100
  90,199
  94,515
  99,057
  103,838
  108,866
  114,156
Adjusted assets (=assets-cash), $m
  35,497
  36,313
  37,246
  38,294
  39,455
  40,729
  42,116
  43,617
  45,235
  46,971
  48,828
  50,810
  52,920
  55,162
  57,542
  60,064
  62,733
  65,556
  68,538
  71,687
  75,010
  78,515
  82,208
  86,100
  90,199
  94,515
  99,057
  103,838
  108,866
  114,156
Revenue / Adjusted assets
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
Average production assets, $m
  20,891
  21,371
  21,920
  22,537
  23,220
  23,970
  24,786
  25,670
  26,622
  27,644
  28,737
  29,903
  31,145
  32,465
  33,865
  35,349
  36,920
  38,581
  40,337
  42,190
  44,146
  46,208
  48,382
  50,672
  53,085
  55,625
  58,298
  61,111
  64,071
  67,184
Working capital, $m
  -1,379
  -1,411
  -1,447
  -1,488
  -1,533
  -1,583
  -1,637
  -1,695
  -1,758
  -1,825
  -1,897
  -1,974
  -2,056
  -2,144
  -2,236
  -2,334
  -2,438
  -2,547
  -2,663
  -2,786
  -2,915
  -3,051
  -3,195
  -3,346
  -3,505
  -3,673
  -3,849
  -4,035
  -4,231
  -4,436
Total debt, $m
  22,521
  23,208
  23,994
  24,876
  25,854
  26,926
  28,094
  29,358
  30,720
  32,182
  33,746
  35,414
  37,191
  39,079
  41,083
  43,206
  45,454
  47,830
  50,342
  52,993
  55,791
  58,742
  61,852
  65,129
  68,580
  72,214
  76,039
  80,064
  84,298
  88,752
Total liabilities, $m
  29,888
  30,576
  31,361
  32,244
  33,221
  34,294
  35,462
  36,726
  38,088
  39,550
  41,113
  42,782
  44,559
  46,447
  48,450
  50,574
  52,821
  55,198
  57,709
  60,361
  63,159
  66,109
  69,219
  72,496
  75,948
  79,582
  83,406
  87,431
  91,665
  96,119
Total equity, $m
  5,608
  5,737
  5,885
  6,050
  6,234
  6,435
  6,654
  6,892
  7,147
  7,421
  7,715
  8,028
  8,361
  8,716
  9,092
  9,490
  9,912
  10,358
  10,829
  11,327
  11,852
  12,405
  12,989
  13,604
  14,251
  14,933
  15,651
  16,406
  17,201
  18,037
Total liabilities and equity, $m
  35,496
  36,313
  37,246
  38,294
  39,455
  40,729
  42,116
  43,618
  45,235
  46,971
  48,828
  50,810
  52,920
  55,163
  57,542
  60,064
  62,733
  65,556
  68,538
  71,688
  75,011
  78,514
  82,208
  86,100
  90,199
  94,515
  99,057
  103,837
  108,866
  114,156
Debt-to-equity ratio
  4.020
  4.050
  4.080
  4.110
  4.150
  4.180
  4.220
  4.260
  4.300
  4.340
  4.370
  4.410
  4.450
  4.480
  4.520
  4.550
  4.590
  4.620
  4.650
  4.680
  4.710
  4.740
  4.760
  4.790
  4.810
  4.840
  4.860
  4.880
  4.900
  4.920
Adjusted equity ratio
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -667
  -624
  -575
  -521
  -461
  -395
  -324
  -247
  -164
  -75
  2,046
  2,120
  2,199
  2,283
  2,373
  2,467
  2,568
  2,674
  2,786
  2,905
  3,031
  3,163
  3,303
  3,451
  3,606
  3,770
  3,943
  4,125
  4,317
  4,519
Depreciation, amort., depletion, $m
  4,553
  4,594
  4,640
  4,693
  4,751
  4,814
  4,883
  4,958
  5,039
  5,125
  2,435
  2,534
  2,639
  2,751
  2,870
  2,996
  3,129
  3,270
  3,418
  3,575
  3,741
  3,916
  4,100
  4,294
  4,499
  4,714
  4,941
  5,179
  5,430
  5,694
Funds from operations, $m
  3,886
  3,970
  4,065
  4,172
  4,290
  4,419
  4,559
  4,711
  4,874
  5,050
  4,481
  4,654
  4,839
  5,034
  5,242
  5,463
  5,697
  5,944
  6,205
  6,481
  6,772
  7,079
  7,403
  7,745
  8,105
  8,484
  8,884
  9,304
  9,746
  10,212
Change in working capital, $m
  -27
  -32
  -36
  -41
  -45
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -144
  -151
  -159
  -168
  -177
  -186
  -195
  -206
Cash from operations, $m
  3,913
  4,002
  4,102
  4,213
  4,335
  4,468
  4,613
  4,769
  4,937
  5,117
  4,553
  4,731
  4,921
  5,122
  5,335
  5,561
  5,800
  6,053
  6,321
  6,603
  6,901
  7,216
  7,547
  7,896
  8,264
  8,652
  9,060
  9,490
  9,942
  10,418
Maintenance CAPEX, $m
  -1,736
  -1,770
  -1,811
  -1,858
  -1,910
  -1,968
  -2,031
  -2,101
  -2,175
  -2,256
  -2,343
  -2,435
  -2,534
  -2,639
  -2,751
  -2,870
  -2,996
  -3,129
  -3,270
  -3,418
  -3,575
  -3,741
  -3,916
  -4,100
  -4,294
  -4,499
  -4,714
  -4,941
  -5,179
  -5,430
New CAPEX, $m
  -411
  -480
  -549
  -617
  -683
  -750
  -816
  -884
  -952
  -1,022
  -1,093
  -1,166
  -1,242
  -1,320
  -1,400
  -1,484
  -1,571
  -1,661
  -1,755
  -1,853
  -1,956
  -2,062
  -2,174
  -2,290
  -2,412
  -2,540
  -2,673
  -2,813
  -2,960
  -3,113
Cash from investing activities, $m
  -2,147
  -2,250
  -2,360
  -2,475
  -2,593
  -2,718
  -2,847
  -2,985
  -3,127
  -3,278
  -3,436
  -3,601
  -3,776
  -3,959
  -4,151
  -4,354
  -4,567
  -4,790
  -5,025
  -5,271
  -5,531
  -5,803
  -6,090
  -6,390
  -6,706
  -7,039
  -7,387
  -7,754
  -8,139
  -8,543
Free cash flow, $m
  1,766
  1,751
  1,741
  1,738
  1,741
  1,751
  1,765
  1,785
  1,810
  1,840
  1,118
  1,130
  1,145
  1,162
  1,183
  1,207
  1,234
  1,263
  1,296
  1,331
  1,370
  1,412
  1,457
  1,506
  1,558
  1,613
  1,673
  1,736
  1,803
  1,875
Issuance/(repayment) of debt, $m
  579
  687
  786
  882
  978
  1,073
  1,168
  1,264
  1,362
  1,462
  1,564
  1,669
  1,777
  1,888
  2,004
  2,123
  2,248
  2,377
  2,511
  2,652
  2,798
  2,951
  3,110
  3,277
  3,451
  3,634
  3,825
  4,025
  4,234
  4,454
Issuance/(repurchase) of shares, $m
  772
  753
  723
  686
  644
  597
  543
  484
  420
  350
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,351
  1,440
  1,509
  1,568
  1,622
  1,670
  1,711
  1,748
  1,782
  1,812
  1,564
  1,669
  1,777
  1,888
  2,004
  2,123
  2,248
  2,377
  2,511
  2,652
  2,798
  2,951
  3,110
  3,277
  3,451
  3,634
  3,825
  4,025
  4,234
  4,454
Total cash flow (excl. dividends), $m
  3,118
  3,191
  3,249
  3,307
  3,363
  3,420
  3,477
  3,534
  3,592
  3,651
  2,681
  2,798
  2,921
  3,051
  3,187
  3,330
  3,481
  3,640
  3,807
  3,983
  4,168
  4,363
  4,567
  4,783
  5,009
  5,247
  5,498
  5,761
  6,038
  6,329
Retained Cash Flow (-), $m
  -772
  -753
  -723
  -686
  -644
  -597
  -543
  -484
  -420
  -350
  -293
  -313
  -333
  -354
  -376
  -398
  -422
  -446
  -471
  -498
  -525
  -554
  -584
  -615
  -648
  -682
  -718
  -755
  -795
  -836
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,345
  2,438
  2,527
  2,620
  2,719
  2,823
  2,933
  3,049
  3,172
  3,301
  2,388
  2,485
  2,588
  2,696
  2,811
  2,932
  3,059
  3,194
  3,336
  3,485
  3,643
  3,809
  3,984
  4,168
  4,361
  4,565
  4,780
  5,006
  5,243
  5,493
Discount rate, %
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
  2,100
  1,934
  1,756
  1,577
  1,399
  1,225
  1,058
  901
  755
  623
  350
  278
  217
  165
  123
  90
  64
  44
  30
  20
  12
  8
  5
  3
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  91.9
  84.8
  78.6
  73.2
  68.6
  64.8
  61.5
  58.8
  56.7
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0
  55.0

Altice USA, Inc. is engaged in providing broadband communications and video services in the United States. The Company’s segments include Cablevision and Cequel. Cablevision provides broadband, pay television and telephony services to residential and business customers in and around the New York metropolitan area. Cequel provides broadband, pay television and telephony services to residential and business customers in the south-central United States. It also provides services through ten states of Texas, West Virginia, Louisiana, Arkansas, North Carolina, Oklahoma, Arizona, California, Missouri and Ohio. The Company also provides Wi-Fi hotspot access content and advertising services. Broadband provides services, such as video streaming, content downloading for time-shifted video consumption and other applications delivered over OTT platforms. Pay Television provides services through cable network. Video services delivered over DSL networks.

FINANCIAL RATIOS  of  Altice USA Cl A (ATUS)

Valuation Ratios
P/E Ratio -15.8
Price to Sales 2.2
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 1069%
Total Debt to Equity 1145.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -6.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -79.3%
Return On Equity - 3 Yr. Avg. -26.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 68.4%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 28.3%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin -18.1%
Pre-Tax Margin - 3 Yr. Avg. -6%
Net Profit Margin -13.8%
Net Profit Margin - 3 Yr. Avg. -4.6%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 7.9%
Payout Ratio 0%

ATUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATUS stock intrinsic value calculation we used $9326.57 million for the last fiscal year's total revenue generated by Altice USA Cl A. The default revenue input number comes from 0001 income statement of Altice USA Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ATUS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.7%, whose default value for ATUS is calculated based on our internal credit rating of Altice USA Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Altice USA Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ATUS stock the variable cost ratio is equal to 87.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $285 million in the base year in the intrinsic value calculation for ATUS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.3% for Altice USA Cl A.

Corporate tax rate of 27% is the nominal tax rate for Altice USA Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ATUS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ATUS are equal to 219.6%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Altice USA Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ATUS is equal to -14.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5503.214 million for Altice USA Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 492.812 million for Altice USA Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Altice USA Cl A at the current share price and the inputted number of shares is $8.8 billion.

COMPANY NEWS

▶ Introducing Altice One Operating System 2.0   [Nov-19-18 10:09AM  Business Wire]
▶ David Einhorn Buys Altice USA and BT Group in 3rd Quarter   [Nov-08-18 04:56PM  GuruFocus.com]
▶ Altice USA Reports Third Quarter 2018 Results   [Nov-05-18 04:05PM  Business Wire]
▶ Pelham Capitals Returns, AUM, and Holdings   [09:22AM  Insider Monkey]
▶ Dolan family sues Altice over News 12 layoffs   [Sep-05-18 09:45AM  American City Business Journals]
▶ [$$] Dolan Family Sues Altice Over News 12 Staffing Levels   [Sep-04-18 08:45PM  The Wall Street Journal]
▶ Altice USA CEO on growth, cord-cutting, competition   [Aug-09-18 10:41AM  CNBC Videos]
▶ Altice USA: 2Q Earnings Snapshot   [06:45PM  Associated Press]
▶ Twitter dips, Boeing on the rise, Altice pushing higher   [Jul-09-18 11:19AM  Yahoo Finance]
▶ Deals of the day-Mergers and acquisitions   [Jul-05-18 04:00PM  Reuters]
▶ Americans are looking for an escape from the news   [Jun-29-18 01:42PM  Yahoo Finance Video]
▶ [$$] Altice to Sell Telecom Assets to KKR, Morgan Stanley Infrastructure   [Jun-20-18 03:02PM  The Wall Street Journal]
▶ [$$] Altice's U.S. Spinoff Looks Like a Winning Bet   [May-26-18 12:01AM  Barrons.com]
▶ Altice USA Declares One-Time Cash Dividend   [May-14-18 07:32PM  Business Wire]
▶ [$$] Altice USA Reports Wider Net Loss, Revenue Growth   [05:41PM  The Wall Street Journal]
▶ Altice USA: 1Q Earnings Snapshot   [05:36PM  Associated Press]

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