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Telecom services: Review of H1: market instability grows as SFR recovers and Iliad collapses.
Telecom servicesReview of H1: market instability grows as SFR recovers and Iliad collapses.
H1 was marked by new brutal moves in the French telecoms market: on the commercial front SFR sharply recovered but not all doubts have been cleared on the revenue outlook, while Iliad’s net adds collapsed but the recovery plan seems to be bearing fruit. As uncertainty remains high, market growth is fading and 5G is approaching, we still see either consolidation or more value oriented strategies as inevitable on the market, by the beginning of next year, which should help support stock prices over coming months.
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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.
Thomas Coudry
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