New Street Research - ILIAD SA (ILD EU) New Street: Iliad Q4 19: Very good results, comforting on Italy, upgrade to Buy

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New Street Research

Russell Waller

New Street: Iliad Q4 19: Very good results, comforting on Italy, upgrade to Buy

Iliad has reported a very good set of Q4 results, with nearly all key metrics ahead of expectations. In particular though, we found the gross profit position in Italy particularly encouraging given the usage growth seen in H1 (which has not been repeated in H2).

17/03/2020 9 EN

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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.

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Pan European Telecom Services and Cable
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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Iliad Q4 19: Very good results, comforting on Italy, upgrade 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?

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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