Iliad Q1 24: Impressive drop-through of SR to EBITDA in France
Iliad has posted another quarter of good results; SR trends are broadly unchanged, but EBITDA growth has improved materially as French SR drops through at a higher-rate to EBITDA. This is flattered slightly by energy, and BTS distorts the picture, but we estimate underlying EBITDA growth is c10% y/y from +c6% y/y in France.
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