Report
Thomas Coudry

Iliad: D-Day for Italy

Iliad: (BUY, Fair Value Fair Value EUR205 (+38%))
D-Day for Italy
This morning at 10.30 Iliad will give a press conference in Milan in which the group is expected to unveil its offers for the Italian market. We expect disruptive offers with excellent value for money and transparency. One should closely look at the traditional and social media reactions and coverage following the conference, as they will give a sense of Iliad’s impact. The actual launch date should then take place in the following days
Underlying
Iliad

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.

Provider
Bryan Garnier
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.

Analysts
Thomas Coudry

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