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
Andrew Entwistle

New Street: Huawei impact: Don't read too much into operators' rip-and-replace costs

Vodafone warned UK MPs today that it could cost “low single digit billions” (of GBP) to get rid of all the Huawei equipment in UK networks. BT warned of blackouts for customers if the timetable for removal was too tight.

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Alexandre Iatrides

Iliad : New box, new range, same DNA - Target price raised to € 210 vs € 180

>New box, new range, same DNA - Yesterday, Free launched its new set-top-box, called Freebox Pop, two small round units embedding all of the technology necessary to deliver a high-quality service. Whilst we were disappointed by the Freebox One, which has now been removed from the catalogue, in our opinion this box will be a powerful tool with which to leverage the heavy investment made in fibre. No wow factor. However, there are a number of innovations which should he...

Thomas Coudry

ILIAD: Launch of Pop: game changer for… the mobile market? | NEUTRAL | EUR180

ILIAD - NEUTRAL | EUR180 Launch of Pop: game changer for… the mobile market? POP launch goes along strengthening of the high end fixed market Value proposition is very good vs peers 4P pricing can negatively impact mobile pricing environment

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

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.

Iliad Sa: 1 director sold

A director at Iliad Sa sold 16,716 shares at 163.171EUR 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...

Andrew Entwistle

New Street: Huawei impact: Don't read too much into operators' rip-and-replace costs

Vodafone warned UK MPs today that it could cost “low single digit billions” (of GBP) to get rid of all the Huawei equipment in UK networks. BT warned of blackouts for customers if the timetable for removal was too tight.

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Alexandre Iatrides

Iliad : New box, new range, same DNA - Target price raised to € 210 vs € 180

>New box, new range, same DNA - Yesterday, Free launched its new set-top-box, called Freebox Pop, two small round units embedding all of the technology necessary to deliver a high-quality service. Whilst we were disappointed by the Freebox One, which has now been removed from the catalogue, in our opinion this box will be a powerful tool with which to leverage the heavy investment made in fibre. No wow factor. However, there are a number of innovations which should he...

Thomas Coudry

ILIAD: Launch of Pop: game changer for… the mobile market? | NEUTRAL | EUR180

ILIAD - NEUTRAL | EUR180 Launch of Pop: game changer for… the mobile market? POP launch goes along strengthening of the high end fixed market Value proposition is very good vs peers 4P pricing can negatively impact mobile pricing environment

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Pierre François Merveille

Iliad : Has leveraged plateaued?

Credit-wise, we believe that the major headwinds are now behind investors. Indeed: 1/ group EBITDAaL (EBITDA after leases) seems to have hit a low point in 2019 and is poised to improve in 2020 through further earnings growth in France and lower losses in Italy despite the impact of Covid-19, 2/ FCF burn should begin to decline with less capex intensity; and 3/ the increase of dividend payments (€ 155m forecasted in 2020 vs € 52m in 2019), which is sustainable in our view, was an...

Pierre François Merveille

Iliad : Le levier a-t-il atteint un plateau ?

Nous considérons que l’essentiel des difficultés est derrière les investisseurs au niveau crédit. En effet, 1/ l’EBITDAaL (EBITDA after leases) consolidé semble avoir atteint un point bas en 2019 et devrait s’améliorer en 2020 grâce à une nouvelle progression des résultats en France ainsi qu’une diminution des pertes en Italie, malgré l’impact du Covid-19, 2/ la consommation de FCF va commencer à se réduire avec une moindre l’intensité des capex en France, et 3/ l’augmentation de...

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...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/05/2020

...

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. - ...

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...

Expert Corporate Governance Service (ECGS)

Iliad - AGM 21 July 2020

ITEM 4: With regard to the agreement relating to FreeMobile, we congratulate the company for the communication efforts made since the company now mentions the value of the Free Mobile shares, but also the names of the experts responsible for its valuation. However, in order to accurately verify the valuation provided, shareholders should have access to additional information in addition to that disclosed. Indeed, the financial communication is incomplete since the company does not disclose operating income by business segment (fixed-line vs. mobile). In addition, it does not communicate the re...

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...

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