Initiating Coverage of Iliad With Narrow Moat, Negative Moat Trend Ratings
We are initiating coverage of Iliad, the second-largest broadband and fourth-largest wireless telecom operator in France, with a narrow moat rating and a negative trend. We believe the shares are overvalued. The broadband side has generated solid revenue growth, margins, and returns on capital, and has provided good name recognition for its wireless business. However, it is behind on moving broadband customers to fibre, which could create problems down the road. It entered the French wireless ma...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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