New Street Research - Iliad (ILDFP) Iliad Q4 23: Good revenue growth, but slower EBITDA; positive read across for SFR/Altice

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New Street Research

Russell Waller

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Iliad Q4 23: Good revenue growth, but slower EBITDA; positive read across for SFR/Altice

Iliad continues to perform very nicely in KPI and SR terms in France, Italy and Poland. Group y/y EBITDA trends are slower sequentially however, but the underlying (ex BTS) change is less than the headline delta, but its hard to know what underlying trends are country by country due to lack of disclosure. All of the French operators have now reported apart from SFR; if we assume similar market SR growth to Q3, then it would appear that SFR has had a marginally better quarter in Q4 (SFR report later today), with upside to that possible.

14/03/2024 1 EN

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Russell Waller

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Iliad Q4 23: Good revenue growth, but slower EBITDA; positive read across for SFR/Altice

Iliad (Equal Weight) Q3 24: Good EBITDA performance, but slower MSR growth in France

Orange (Buy, TP: €14, +35%) Altice France (SFR); High Yield (Overweight) Iliad; High Yield (Equal weight)

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Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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