Report
Pierre François Merveille

Iliad : Focused on growth

Iliad posted a solid operating performance across the board in 2022 with a high single digit organic increase in revenues (+7%) and in EBITDAaL (+8%) driven by customer gains, a successful upselling strategy (e.g. with fibre and mobile data plans in France) and the operating leverage. We expect that top line expansion will remain dynamic in 2023 while EBITDAaL growth should slow down owing to cost inflation and the company’s strategy to focus on volume growth. In this context, we...
Underlying
Iliad

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre François Merveille

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