Iliad : Le levier a-t-il atteint un plateau ?
Nous considérons que l’essentiel des difficultés est derrière les investisseurs au niveau crédit. En effet, 1/ l’EBITDAaL (EBITDA after leases) consolidé semble avoir atteint un point bas en 2019 et devrait s’améliorer en 2020 grâce à une nouvelle progression des résultats en France ainsi qu’une diminution des pertes en Italie, malgré l’impact du Covid-19, 2/ la consommation de FCF va commencer à se réduire avec une moindre l’intensité des capex en France, et 3/ l’augmentation de...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.
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.
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