Iliad Reported Very Weak 1Q Revenue Growth, but Maintaining Our FVE; Shares Undervalued
Iliad dropped a bomb on its growth investor shareholder base with its weak first-quarter revenue results, and shareholders panicked, sending the stock down almost 20%. The firm’s reported revenue only grew 0.8% year over year, a big drop from last year’s 5.6% growth rate, which was itself the lowest since 2011. We think part of the issue is management has taken its eye off of the ball in France as it prepared for its upcoming wireless launch in Italy. The company announced several promotions tha...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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