PARIS, Nov 17 (Reuters) - Telecoms and cable group Altice lost more than a tenth of its stock market value on Friday, as its share price resumed its downwards trajectory due to persistent concerns over Altice’s debt burden.
Altice NV shares were down 11.3 percent at 8.17 euros in late session trading, with the stock at its lowest level since April 2014. The stock has fallen in 10 of the last 11 days.
Altice shares have slumped by around 60 percent since the start of 2017, pushing the company’s stock market value down to around 11 billion euros ($13 billion) - far less than the group’s debts of around 50 billion euros.
“It’s the same old problem. They have far too much leverage. Their market cap is melting away,” said Clarinvest fund manager Ion-Marc Valahu.
Earlier this week, Altice’s billionaire president Patrick Drahi said he would shift Altice’s focus away from acquisitions and over towards debt reduction and customer satisfaction following disappointing third-quarter results.
$1 = 0.8480 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas