Iliad: Should we expect a drop in mobile net adds in Q2?
Iliad: (BUY, Fair Value Fair Value EUR202 (+49%))Should we expect a drop in mobile net adds in Q2?
Yesterday afternoon Bloomberg reported that a record number of mobile users defected to Orange from Iliad in the second quarter. We point out the consensus is today consistent with the report. And although we acknowledge a sharp drop in mobile net adds would be bad news, we believe the medium term impact might not be that significant on the group’s guidance.
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.
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