Iliad Reported Weaker Revenue Growth and EBITDA Margin; Maintaining FVE; Shares Fairly Valued
Iliad reported 2017 results that were a bit weaker than we expected, but we are maintaining our EUR 163 fair value estimate and narrow moat rating. After a 10% drop in the stock price on the announcement, we now believe the shares are fairly valued. The firm reported revenue grew 5.6% year over year versus our expectation of 6.4%. The primary growth driver remains its wireless business where it grew its subscriber base 7.8% to 13.7 million. While Iliad’s gain of 1 million wireless subscribers wa...
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