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Altice USA Inc Class A ATUS

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Morningstar’s Analysis

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Altice USA Shifts Its Strategy To Rectify Execution Challenges; FVE to $30

Analyst Note

| Michael Hodel, CFA |

As telegraphed in September, Altice USA posted weak customer metrics during the third quarter. The firm also made good on its promise to discuss its capital allocation strategy. Management trimmed capital spending and share repurchase budgets for the remainder of the year in preparation for accelerated network investment in 2022 and 2023. Share repurchases will likely remain muted for the foreseeable future as the firm reduces leverage, which is unfortunate given where the stock is trading.

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Company Profile

Business Description

Altice Europe acquired privately held U.S. cable company Suddenlink in 2015 and Cablevision in 2016. Suddenlink’s networks provide television, Internet access, and phone services to roughly 3.5 million U.S. homes and businesses located primarily in smaller markets, with major clusters in Texas, West Virginia, Idaho, Arizona, and Louisiana. Cablevision provides comparable services to about 5.5 million homes and business in the New York City metro area. Altice Europe spun off Altice USA, which includes both the Suddenlink and Cablevision operations, to shareholders in 2018. Altice USA also owns News 12 Networks, which broadcasts local 24-hour news networks in New York, i24News, a news operation focused on the Middle East and Israel, and Cheddar, a news upstart.

1 Court Square West, Long Island City
New York, NY, 11101
T +1 516 803-2300
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 8,900