New Street: Iliad (Buy, TP: €220, +60%) Q1 21: Tower stake sale to fund 5G capex acceleration - Quick Take
Iliad has reported a slightly weak set of Q1 results, and has announced that it intends to dispose of its 30% stake in On Tower France (€600-€700m of proceeds we think) and that some of the proceeds will be spent on accelerating 5G capex, which means that 2021 France OpFCF will be lower than expected.Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
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