Report
Allan C. Nichols
EUR 101.80 For Business Accounts Only

Iliad Reported in Line Nine-Month Revenue Growth; Shares Remain Overvalued

Iliad reported nine-month revenue and subscriber results, and the firm’s revenue growth of 6.6% year over year was spot on with our full-year projection. We are maintaining our EUR 163 per share fair value estimate and narrow moat rating, and continue to believe the shares are overvalued. The firm grew its wireless revenue 9% from the year-ago period, which is a bit below our expectations as revenue growth slowed in the third quarter to 6.3%. We’ve expected its wireless revenue growth to slow, b...
Underlying
Iliad

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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