Report
Pierre François Merveille

Iliad : Has leveraged plateaued?

Credit-wise, we believe that the major headwinds are now behind investors. Indeed: 1/ group EBITDAaL (EBITDA after leases) seems to have hit a low point in 2019 and is poised to improve in 2020 through further earnings growth in France and lower losses in Italy despite the impact of Covid-19, 2/ FCF burn should begin to decline with less capex intensity; and 3/ the increase of dividend payments (€ 155m forecasted in 2020 vs € 52m in 2019), which is sustainable in our view, was an...
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

Other Reports on these Companies
Other Reports from Oddo BHF

ResearchPool Subscriptions

Get the most out of your insights

Get in touch