Iliad Reported Mixed 2Q Results With Better Revenue Growth but Weaker Margins; Shares Overvalued
Iliad reported mixed second-quarter results with better revenue growth but weaker margins. We have slightly tweaked our model, but our fair value estimate remains unchanged at EUR 163 per share as does our narrow moat rating. We believe the shares are overvalued.The firm reported revenue growth of 7.3% year over year ahead of our previous estimate of 6.2%. The wireless business grew its subscriber base 8.8% from the year-ago period to 13.1 million. However, second-half comparables will be more ...
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.
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.
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