NUMERICABLE-SFR 1Q16

​SFR, the #2 French telecom operator, reported disappointing 1Q16 results.The topline was down by 6.1% to €2.6bn (vs.-3.5% in FY15). Adj.EBITDA came in at €851m, much weaker than 1Q15 i.e. a margin of 33.1% vs.34.1% in 1Q15. SFR also continued to largely underperform its competitor Orange in both fixed and mobile. The promotion activity initiated in 3Q15 has accelerated during the recent consolidation talks, pressurizing both mobile and fixed ARPU. Mobile customer erosion, which was halted...