Report
Russell Waller
EUR 8492.00 For Business Accounts Only

Altice France (Overweight) Iliad (Equal Weight) Bouygues (Buy, TP: €55, +40%) Orange (Buy, TP: €14.9, +13%) More smoke about French M&A (must be some fire): Bid-Ask gap closing?

There have been several recent articles about French M&A. The latest article from TMT finance yesterday has some fairly specific details, and most importantly, seems to suggest that the price demanded for SFR is now approaching what we would see as fair value.
Underlyings
ALTICE FRANCE SA/FRANCE

Bouygues SA

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP

Provider
New Street Research
New Street Research

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  • Pan European Telecom Services and Cable
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  • Global healthcare thematic research

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  • Pan European Telecom Services and Cable


Analysts
Russell Waller

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