ILIAD: Feedback from H1 2019 RS in Paris | BUY | EUR133 vs. EUR145 (+66%)
ILIAD - BUY | EUR133 vs. EUR145 (+66%)Feedback from H1 2019 RS in Paris
Acceleration in French cash flow to outstrip market expectations
Infravia deal: a misunderstood offensive deal
Start-up volatility in Italy doesn’t negate long term value creation
FV revised down, but BUY confirmed, medium-term horizon
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.
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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