Iliad S.A.

Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
  • TickerILD
  • ISINFR0004035913
  • ExchangeEuronext Paris
  • SectorFixed Line Telecommunications
  • CountryFrance

Analysts

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/23/2020

The fall in profits will be marked. The temptation to skip over 2020 and position on 2021 is a legitimate one. The recovery will likely reward, as in 2009, the leading sectors of the previous cycle (banking in 2009, technology, luxury goods, agri-foods at present). Watch out, though! The COVID-19 epidemic is primarily contributing to the acceleration of a new world, more local, less global, more digital and greener, but also carrying greater debt. This last point should favour liquidi...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/03/2020

La baisse des profits sera forte. La tentation d’enjamber 2020 pour se positionner sur 2021 est légitime. Il parait probable que la reprise consacre, comme en 2009, les secteurs leaders du cycle précédent (bancaires en 2009, technologie, luxe, agro-alimentaire aujourd’hui). Mais attention ! L’épidémie de COVID-19 contribue surtout à accélérer l’émergence d’un monde nouveau plus local, moins global, plus numérisé, plus vert mais aussi nettement plus endetté. Ce dernier point devrait fa...

Alexandre Iatrides

Iliad : A resilient and financially solid operator

>A particularly defensive status and immune to external shocks - During this unusual period, we organised a road show with Iliad, which turned into a series of conference calls with CEO Thomas Reynaud and CFO Nicolas Jaeger. Overall, these meetings confirmed that Iliad and Orange are among the companies in all sectors that are the most immune to the health crisis itself and to its possible contagion to the capital markets. With low debt, a comfortable liquidity marg...

Alexandre Iatrides

Iliad : Un opérateur résilient et solide financièrement

>Un statut particulièrement défensif et immune aux chocs exogènes - Nous organisions dans cette période particulière le roadshow Iliad qui s’est transformé en une série de conférences téléphoniques avec le CEO Thomas Reynaud et le CFO Nicolas Jaeger. Globalement, ces entretiens nous ont confortés dans l'idée qu’Iliad fait partie, avec Orange, des sociétés tous secteurs confondus les plus immunes autant à la crise sanitaire elle-même qu’à sa possible contagion sur...

Jérôme VINERIER

Short term view - ILIAD SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €114.90. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 114,90 € prochainement. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €89.54, then €73.31. Passing €151.26 would question the continuation of the fall.

Alexandre Iatrides

Iliad : A resilient and financially solid operator

>A particularly defensive status and immune to external shocks - During this unusual period, we organised a road show with Iliad, which turned into a series of conference calls with CEO Thomas Reynaud and CFO Nicolas Jaeger. Overall, these meetings confirmed that Iliad and Orange are among the companies in all sectors that are the most immune to the health crisis itself and to its possible contagion to the capital markets. With low debt, a comfortable liquidity marg...

Alexandre Iatrides

Iliad : Un opérateur résilient et solide financièrement

>Un statut particulièrement défensif et immune aux chocs exogènes - Nous organisions dans cette période particulière le roadshow Iliad qui s’est transformé en une série de conférences téléphoniques avec le CEO Thomas Reynaud et le CFO Nicolas Jaeger. Globalement, ces entretiens nous ont confortés dans l'idée qu’Iliad fait partie, avec Orange, des sociétés tous secteurs confondus les plus immunes autant à la crise sanitaire elle-même qu’à sa possible contagion sur...

Iliad Sa: 1 director sold

A director at Iliad Sa sold 21,227 shares at 101.836EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Alexandre Iatrides

Iliad : EBITDAaL 3.5% above expectations, very solid net-adds

>EBITDAaL 3.5% above expectations - Iliad has reported full-year figures ahead of expectations, with a sharp commercial rebound in the fixed line (+32k, consensus +23k) thanks to fibre +245k (consensus +190k) and mobiles (+17k in Q4, positive Q1 over the last two years), a return to growth at all of the group’s activities and a loss slightly below that feared in Italy (-€ 253m vs consensus -€ 276m) Group revenues totalled € 1.39bn vs € 1.36bn forecast, France rep...

Alexandre Iatrides

Iliad : EBITDAal 3.5% supérieur aux attentes, Net adds très solides

>EBITDAal 3.5% supérieur aux attentes - Iliad a publié des chiffres annuels supérieurs aux attentes, avec un fort rebond commercial dans le fixe (+32k, Css +23k) grâce à la fibre +245k (Css +190k) et les mobiles (+17k au T4, 1er trimestre positif depuis 2 ans), un retour à la croissance de l’ensemble des activités du groupe et une perte légèrement inférieure à ce qui était craint en Italie (-253 M€ vs Css -276 M€) CA groupe à 1.39 Md€ vs 1.36 Md€ attendus, la Fra...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- EN

Atlantia (O/P) - 9M-19: EBITDA of €5.7bn (+115%, +1% LfL) Telecom Italia (O/P): Debt Reduction, Development of Cloud Services In Partnership With Google Iliad (O/P): €1.4bn Share Buyback Offer, Financed By A Capital Increase by Xavier Niel Credito Emiliano - 9M-19: Net Profit of €158m (+4.5%) Mediobanca (O/P): Leonardo Del Vecchio's Shareholding Has Increased To Around 9.9% BPCE (O/P) - 9M-19: Pre-Tax Profit of €4.1bn (-5.5%) Expedia (O/P) - 9M-19: Operating Income of $743m (+20.2%) Arcelormittal (O/P): Fitch Affirms Its BBB- Ra...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19 Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital Credito Emiliano - 9M-19 : RN de €158m (+4,5%) Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9% BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%) Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+2...

Iliad : Prêt à rebondir ?

Les ratios de crédit ont souffert en 2018 d’un environnement fortement concurrentiel en France et des pertes originelles liées à l’entrée du groupe sur le marché mobile Italien. A cela s’ajoute une consommation de FCF record de -1.04 md EUR l’année dernière compte tenu d’investissements significatifs d’acquisition de fréquences (Italie), de déploiement de sites mobile (France + Italie) et d’extension de la couverture/raccordements d’abonnés dans la fibre (France). Nous tablons ce...

Iliad : Ready to rally?

Publication date 27/06/2019 11:22 - Writing date 26/06/2019 16:21 - Equity data - Equity analyst: Alexandre Iatrides - - +33 (0)1 44 51 81 44 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - / - - - Credit metrics were hurt in 2018 by a fiercely competitive landscape in France and start-up losses stemming from the group's entry into the Italian mobile market. In addition, record FCF of -€ 1.04bn was burned through last year, reflecting significa...

Iliad : Spending spree at Italy’s 5G spectrum auction

>Bids were much above expectations - Italy's 5G spectrum auction closed on Tuesday at the end of the 14th auction day, and is expected to raise € 6.55bn for the Italian government:. Telecom Italia and Vodafone will pay around € 2.4bn each for 2x10 MHz in the 700 MHz band, 80 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . Iliad will spend € 1.19bn for 2x10 MHz in the 700 MHz band, 20 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . ...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/23/2020

The fall in profits will be marked. The temptation to skip over 2020 and position on 2021 is a legitimate one. The recovery will likely reward, as in 2009, the leading sectors of the previous cycle (banking in 2009, technology, luxury goods, agri-foods at present). Watch out, though! The COVID-19 epidemic is primarily contributing to the acceleration of a new world, more local, less global, more digital and greener, but also carrying greater debt. This last point should favour liquidi...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/03/2020

La baisse des profits sera forte. La tentation d’enjamber 2020 pour se positionner sur 2021 est légitime. Il parait probable que la reprise consacre, comme en 2009, les secteurs leaders du cycle précédent (bancaires en 2009, technologie, luxe, agro-alimentaire aujourd’hui). Mais attention ! L’épidémie de COVID-19 contribue surtout à accélérer l’émergence d’un monde nouveau plus local, moins global, plus numérisé, plus vert mais aussi nettement plus endetté. Ce dernier point devrait fa...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/17/2020

Applying basic assumptions related to the duration of total confinement measures (still to be taken in western countries) and the partial recovery of lost activity once the epidemic is behind us, we estimate that 2020 EPS will decline by 17% vs 2019. This variation is likely to be amplified as the duration of the confinement increases. Using the instantaneous cost of capital (11.35% at the time of writing), this yields a Stoxx 600 target of 256 points. Don’t catch a falling knife. - ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/03/2020

Sur la base d’hypothèses basiques liées à la durée des mesures de confinement total (encore à prendre pour les pays occidentaux) et de récupération partielle de l’activité perdue, une fois l’épidémie derrière nous, nous estimons que les BPA 2020 vont baisser de 17% vs 2019. Cette variation est susceptible d’être amplifiée avec l’accroissement de la durée de confinement. En utilisant le coût du capital instantané (11.35% à la date de rédaction) ceci débouche sur un objectif de Stoxx 60...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Michael Foundoukidis
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/27/2020

...

ILIAD SA reduced its risk exposure resulting in an upgrade to Positive

ILIAD SA (FR), a company active in the Mobile Telecommunications industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date February 7, 2020, the closing price was EUR 137.70 and its potential was estimated at EUR 144.59.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Iliad - AGE 20 Décembre 2019

Le principal objet de la présente assemblée est d’approuver le projet d’Offre publique de Rachat (OPRA) suivie d’une augmentation de capital portant sur le même montant, proposée au même prix que l’OPRA, et garantie par le premier actionnaire, Xavier Niel. De façon générale, cette opération, financièrement innovante, porte un risque de renforcement au capital du premier actionnaire. Cependant, celui-ci est déjà l’actionnaire de contrôle puisqu’il détient plus de 50% du capital. De la même façon, il contrôle également d’ores et déjà l’issue des votes en AG. Ainsi, cette opération ne porte pas d...

Jehanne Leroy

Iliad - EGM 20 December 2019

ITEMS 1 and 2: It is proposed to approve a share buyback offer followed by a capital increase with the same amount and price. Thus the share buyback offer is fully financed by the capital increase, which is guaranteed by the main shareholder. The only risk identified in this global operation is that the main shareholder could strengthen his stake and control of the General meeting. However, Xavier Niel, main shareholder, already controls the capital and the General meeting votes. Thus, this operation seems more to be a confidence signal sent by the controlling shareholder to the market.

Expert Corporate Governance Service (ECGS)

Iliad - AGM 21 May 2019

We note that in April 2019, Iliad's Chairman (Maxime Lombardini, its CEO until 21 May 2018) has been fined €600,000 for insider dealing over his sale of shares in the telecoms company weeks before they dropped during the failed 2014 takeover approach for T-Mobile USA. Iliad must pay €100,000 “for breach of its disclosure requirements” (/content/1d45e4e4-6a6f-11e9-a9a5-351eeaef6d84). ITEMS 6-14: The Company granted performance shares to its Chairman and executive officers for 2018. The company’s disclosure on their performance conditions is very good as targets to be achieved are disclosed. How...

Jehanne Leroy

Iliad - Assemblée Générale du 21 Mai 2019

Rémunérations La société a attribué des actions de performance à son Président et à ses dirigeants au titre de 2018. Si la communication de la société concernant les conditions de performance attachées à ces actions est particulièrement bonne puisque les objectifs à atteindre sont communiqués (et que ceux-ci semblent plutôt exigeants), on regrettera toutefois que 50% des actions à acquérir reposent sur des conditions de performance court-termistes car mesurées sur moins de 3 ans, ce qui ne respecte ni notre politique de vote, ni les pratiques de marché. Concernant la politique de rémunérati...

Illiad – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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