Iliad: The beauty has been sleeping, we are now expecting the awakening
Iliad: (BUY, Fair Value EUR205 vs. EUR230 (+54%))The beauty has been sleeping, we are now expecting the awakening
Following Q1 results yesterday we have reviewed our estimates down for Iliad as the situation appears worse than we thought. In particular our 2020e EBITDA-CAPEX assumption in France now reaches EUR850m vs EUR1bn guided by the group. Consequently we have lowered our fair value to EUR205 vs EUR230. We remain at Buy, as we believe the stock is currently undervalued and some catalyst still lie ahead, but we acknowledge it might take time before investors regain full confidence in the stock.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.