New Street Research - Iliad (ILDFP) Iliad Q1 24: Impressive drop-through of SR to EBITDA in France

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New Street Research

Russell Waller

EUR 8957.00 For Business Accounts Only

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.

30/05/2024 1 EN

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Iliad

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New Street Research

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Russell Waller

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Iliad Q1 24: Impressive drop-through of SR to EBITDA in France

Iliad (Equal Weight) Q2 24: Strong performance, but slower MSR growth in France and lower adds could be the SFR read-across

Orange/SFR/Iliad/Bouygues More French mobile tariff changes

Orange (Buy, TP: €14, +47%) Altice France (SFR) - Most preferred Iliad - Equal Weight French mobile pricing changes: over-reaction, Orange looks over sold

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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