reports
- James Ratzer
- James Ratzer
Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x ...
Vodafone’s FY results have less to unpack than usual, with Spain and Italy now treated as discontinued items, as a sign of the ongoing simplification of the group. New guidance given for FY25 looks supportive and is marginally ahead of consensus.
- Pierre François Merveille
Iliad : Ambitious growth story
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
- Pierre François Merveille
Iliad : Ambitious growth story
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
[Press Release] iliad SA successfully completes a €500 million bond is...
[Press Release] iliad SA successfully completes a €500 million bond issue PRESS RELEASE Paris, April 22, 2024 iliad SA successfully completes a €500 million bond issuefinancial release Today, iliad SA successfully placed a €500 million bond issue. The bonds will mature in 7 years and pay interest at 5.375% per year. This transaction was announced for a maximum amount of €500 million and generated strong demand from investors (with close to €1.6 billion in demand), which allows the Group to benefit from attractive financial conditions in a context of volatile markets. S...
[Communiqué de presse] iliad SA émet avec succès un emprunt obligatair...
[Communiqué de presse] iliad SA émet avec succès un emprunt obligataire de 500 millions d’euros COMMUNIQUE DE PRESSE Paris, le 22 avril 2024 iliad SA émet avec succès un emprunt obligataire de 500 millions d’euros communication financière iliad SA a placé ce jour avec succès une émission obligataire de 500 millions d'euros. Cet emprunt présente une maturité à 7 ans et un coupon annuel de 5,375%. Cette transaction annoncée pour un montant maximum de 500 millions d’euros a rencontré une très forte demande des investisseurs (avec près de 1,6 milliard d’euro...
- James Ratzer
[Press Release] iliad SA launches a tender offer on its existing bonds...
[Press Release] iliad SA launches a tender offer on its existing bonds maturing in October 2024 and April 2025 and intends to issue new Euro denominated senior unsecured bonds PRESS RELEASE Paris, April 22, 2024 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. iliad SA launches a tender offer on its existing bonds maturing in October 2024 and April 2025 and intends to issue new Euro denominated senior unsecured b...
[Communiqué de presse] iliad SA lance une offre de rachat sur ses obli...
[Communiqué de presse] iliad SA lance une offre de rachat sur ses obligations venant à échéance en octobre 2024 et en avril 2025 et prévoit d’émettre des obligations seniors non garanties libellées en euros COMMUNIQUE DE PRESSE Paris, le 22 avril 2024 NE PAS REMETTRE, PUBLIER OU DISTRIBUER, DIRECTEMENT OU INDIRECTEMENT, AUX ETATS UNIS D'AMERIQUE OU DANS TOUTE AUTRE JURIDICTION OÙ UNE DIFFUSION DU PRÉSENT COMMUNIQUÉ SERAIT ILLÉGALE. iliad SA lance une offre de rachat sur ses obligations venant à échéance en octobre 2024 et en avril 202...
- James Ratzer
[Press Release] French version of the Universal Registration Document ...
[Press Release] French version of the Universal Registration Document of iliad S.A. now available PRESS RELEASE Paris, April 10, 2024 French version of iliad S.A.’s Universal Registration Document now available Regulatory information The French version of iliad S.A.’s Universal Registration Document (the “Document d’Enregistrement Universel”) was filed with the Commission de Surveillance du Secteur Financier (“CSSF”) on April 10, 2024 in its capacity as the competent authority pursuant to Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regul...
[Communiqué de presse] Mise à disposition du document d’enregistrement...
[Communiqué de presse] Mise à disposition du document d’enregistrement universel d’iliad S.A. COMMUNIQUE DE PRESSE Paris, le 10 avril 2024 Mise à disposition du document d’enregistrement universel d’iliad S.A. Information réglementée Le document d’enregistrement universel d’iliad S.A. a été déposé le 10 avril 2024 auprès de la Commission de Surveillance du Secteur Financier (« CSSF »), en sa qualité d’autorité compétente au titre du règlement (UE) 2017/1129, sans approbation préalable conformément à l’article 9 dudit règlement. Il intègre notamment : le rapport sur ...
- James Ratzer
- Russell Waller
Swisscom (Neutral, TP: CHF620, +20%) Swisscom and Vodafone agree bind...
Swisscom and Vodafone have announced a binding agreement for Vodafone Italy: an €8bn EV for 100% of the company, on a debt-free basis. We update our thoughts on the deal in this piece from a Swisscom perspective, and will be following up with a piece looking at the deal from a Vodafone perspective later today.
[Press Release] A year of exceptional growth
[Press Release] A year of exceptional growth PRESS RELEASE Paris, March 14, 2024, 8:00 a.m. A year of exceptional growth Financial release The iliad Group’s financial results for 2023 clearly illustrate its European leadership, both in terms of revenue growth and net adds in the Mobile and Fixed markets. We saw virtuous growth in each of our three geographies, combining market share gains with increases in ARPU, while remaining true to our values of simplicity, transparency and fair pricing. Building on this momentum, for 2024 the Group is targeting €10 billion in revenues, and...
[Communiqué de presse] Une année de croissance exceptionnelle
[Communiqué de presse] Une année de croissance exceptionnelle COMMUNIQUE DE PRESSE Paris, le 14 mars 2024 à 08h00 Une année de croissance exceptionnelle communication financière Les résultats 2023 viennent confirmer le leadership européen du Groupe iliad à la fois en termes de croissance du chiffre d’affaires et de recrutement de nouveaux abonnés Mobile et Fixe. Sur ses 3 géographies, le Groupe a connu une croissance vertueuse en alliant gains de part de marché et hausse du revenu par abonné tout en restant fidèle à ses valeurs de simplicité, de transpa...
[Communiqué de presse] Aude Durand est nommée Directrice Générale Délé...
[Communiqué de presse] Aude Durand est nommée Directrice Générale Déléguée du Groupe iliad COMMUNIQUE DE PRESSE Aude Durand est nommée Directrice Générale Déléguée du Groupe iliad gouvernance Paris, le 13 mars 2024 Le Conseil d’Administration du Groupe iliad, sur proposition de Thomas Reynaud son Directeur Général, a nommé ce jour Aude Durand en qualité de Directrice Générale Déléguée. Aude était depuis 2020 la Directrice Générale Adjointe d’iliad Holding et a piloté, à ce titre, plusieurs projets structurants du Groupe...
- James Ratzer
Vodafone (Buy, 140p, +100%) M&A Watch: How Iliad could still buy Voda...
Vodafone’s recent announcement that they are selling their Italian assets to Fastweb will likely have frustrated Xavier Niel, who we know has been keen to do a deal with Vodafone Italy for a number of years. Is this the end of the story? We think it might not be, and if Vodafone won’t sell the asset to him, then maybe he should acquire the whole of Vodafone.
- Russell Waller
Billionaires compared Is it right that Xavier Niel businesses have t...
The European Telco landscape is dominated by three high profile billionaires. Patrick Drahi, John Malone, and Xavier Niel. They all have multiple debt silos, and large empires, but the bonds trade at very different spreads. In this note, we look at why that might be the case, and in particular, if the Niel businesses deserve to trade at tighter spreads. We think they do, which means that Xavier Niel should be able to continue to raise funds cheaply (albeit the Iliad spreads widened after the Tel...
- James Ratzer
Vodafone (Buy, 140p, +105%) Selling Italy to rebrand as Vodakom?
With the sale of Spain, and now the announced provisional sale of Vodafone Italy to Swisscom for €8bn, the profile of Vodafone changes dramatically with these full exits and Vodafone increasingly just becomes a German company instead. Should it be called Vodakom now instead?!
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