New Street Research - ILIAD SA (ILD EU) New Street: Iliad (Buy, TP: €220, +67%) Look through the 2021 capex noise. Now is a good time to Buy

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New Street Research

Russell Waller

New Street: Iliad (Buy, TP: €220, +67%) Look through the 2021 capex noise. Now is a good time to Buy

Iliad surprised the market with a new 2021 capex strategy at the Q1 results, that will cause capex be higher than originally expected for FY21.

22/06/2021 14 EN

Underlying

ILIAD SA

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Russell Waller

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Billionaires compared Is it right that Xavier Niel businesses have tighter spreads?

The European Telco landscape is dominated by three high profile billionaires. Patrick Drahi, John Malone, and Xavier Niel. They all have multiple debt silos, and large empires, but the bonds trade at very different spreads. In this note, we look at why that might be the case, and in particular, if the Niel businesses deserve to trade at tighter spreads. We think they do, which means that Xavier Niel should be able to continue to raise funds cheaply (albeit the Iliad spreads widened after the Tele2 deal was announced), which means more M&A we think. In this report we highlight which assets we t...

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Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

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11h / 20m 11h / 20m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

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13h / 4m 13h / 4m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9284.00

19h / 53m 19h / 53m 1 EN

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New Street: Iliad (Buy, TP: €220, +67%) Look through the 2021 capex noise. Now is a good time to Buy

Billionaires compared Is it right that Xavier Niel businesses have tighter spreads?

Tele2 (Neutral, TP: SEK110, +17%) Iliad Iliad/NJJ buys Kinnevik stake in Tele2 - implications for Iliad and the Swedish market

Vodafone (Buy, 140p, +109%) Iliad deal rejection - can they salvage a better alternative?

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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