Iliad Reports Mixed 2018 Results; Shares Undervalued
We were relieved that Iliad finally reported 2018 results and they were decent. While revenue remains weak and actually declined in France, its EBITDA margin improved. We are maintaining our EUR 143 per share fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm lost wireless and broadband customers, both year over year and sequentially, ending 2018 at 13.4 million and 6.4 million, respectively. However, Iliad continues to improve its wireless mi...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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