Bryan Garnier - ILIAD: Not much to expect from FY 2018, 2019 to show improvement | BUY | EUR155 vs. EUR170

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Bryan Garnier

Thomas Coudry

ILIAD: Not much to expect from FY 2018, 2019 to show improvement | BUY | EUR155 vs. EUR170

ILIAD - BUY | EUR155 vs. EUR170 (+77%)
Not much to expect from FY 2018, 2019 to show improvement

Negative read across from Orange and Bouygues publications
Progressive reversal of trends to expect in 2019
We are reviewing our estimates down, but we stick to our Buy recommendation

22/02/2019 5 EN

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Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Thomas Coudry

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ILIAD: Not much to expect from FY 2018, 2019 to show improvement | BUY | EUR155 vs. EUR170

H&M: modest signs of improvement

Emerging consolidator in Germany’s optical retail sector

Avantium: multi-year capacity reservation with Royal Hordijk

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