reports
Bouygues : A stormy autumn for mobiles
>Unprecendented promotional agression on the French market - Iliad has responded to the flash sales on Red and Bouygues, at € 5 for 20Go, with a private sale at € 0.99 for 30Go. Red was the first to draw in the summer with a new offer at € 5 for 20Go with no time limit. This is an offer that it had already been made available in Q2 and which caused a rupture in net adds at Free. Bouygues followed at the beginning of September, offering 20Go at € 4.99 with no time limi...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
IAM ITISSALAT AL MAGHRIB STE SA
KPN ROYAL KPN NV
FTE1 ORANGE
EN BOUYGUES SA
ISAT INMARSAT PLC
UTDI UNITED INTERNET AG
ILD ILIAD
FNTN FREENET AG
VODJ VODAFONE GROUP PLC (ADR)
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
TI. TELECOM ITALIA S.P.A. CEDEAR
DT. DEUTSCHE TELEKOM AG CEDEAR
ATCB ALTICE EUROPE NV CLASS B
WBE WESTBOND ENTERPRISES CORP.
A2AE0D 1&1 DRILLISCH
Bouygues : Rentrée orageuse dans les mobiles
>Jamais vu une telle violence promotionnelle sur le marché français - Iliad vient de réagir aux « ventes flashs » de Red et Bouygues à 5 € pour 20 Go en faisant une vente privée à 0.99 € pour 30 Go. Red a été le premier à dégainer dans l’été avec une nouvelle offre à 5 € pour 20 Go sans limitation de durée. Une offre qu’il avait déjà faite pendant le T2 et qui avait causé la rupture de net adds chez Free. Bouygues a suivi début septembre et propose 200 Go à 4.99 ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
IAM ITISSALAT AL MAGHRIB STE SA
KPN ROYAL KPN NV
FTE1 ORANGE
EN BOUYGUES SA
ISAT INMARSAT PLC
UTDI UNITED INTERNET AG
ILD ILIAD
FNTN FREENET AG
VODJ VODAFONE GROUP PLC (ADR)
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
TI. TELECOM ITALIA S.P.A. CEDEAR
DT. DEUTSCHE TELEKOM AG CEDEAR
ATCB ALTICE EUROPE NV CLASS B
WBE WESTBOND ENTERPRISES CORP.
A2AE0D 1&1 DRILLISCH
Altice Europe : The solid customer conquest is weighing on margins
>Weaker Q2 results, albeit in line with expectations - Revenues dropped by -4.8% (vs. -1.2% in Q1) and EBITDA fell by -10.3% (vs. -2.3%), as Altice was hit by the full VAT impact in France, tough competition in all markets and higher retention costs. Q2 results confirmed the improvement in customer conquest in France and in Portugal observed in Q1, driven by reduced churn (network automation to monitor issues, simplified offers, efforts to retain clients…). Thanks t...
Altice Europe : The solid customer conquest is weighing on margins
>Weaker Q2 results, albeit in line with expectations - Revenues dropped by -4.8% (vs. -1.2% in Q1) and EBITDA fell by -10.3% (vs. -2.3%), as Altice was hit by the full VAT impact in France, tough competition in all markets and higher retention costs. Q2 results confirmed the improvement in customer conquest in France and in Portugal observed in Q1, driven by reduced churn (network automation to monitor issues, simplified offers, efforts to retain clients…). Thanks t...
- Jerôme Bodin
- Nicolas David
- Salma Bouraoui
- Jerôme Bodin
- Nicolas David
- Salma Bouraoui
SOP SOPRA STERIA GROUP SA
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ALDNX DNXCORP SE
PSM PROSIEBENSAT.1 MEDIA SE
BOSS HUGO BOSS AG
FFP FFP
ATCB ALTICE EUROPE NV CLASS B
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
IC1H INTERCONTINENTAL HOTELS GROUP PLC
MTTRY METRO AG ADS
Altice Europe : Guidance tightened towards lower end of range, in line...
>Deterioration in revenues in France - Revenues 0.5% shy of forecasts: Altice Europe’s Q2 revenues were down 2.3% y-o-y excluding VAT (vs -3.8% reported and stable y-o-y at constant forex in Q1) with a deterioration in France (-4.6% excluding VAT and -6.6% reported vs -1.1% in Q1) and in Israel (-1.9% vs -0.9% in Q1), but with a less-marked decline y-o-y and an improvement q-o-q in Portugal (-5.4% vs -6.5% in Q1 +1.8% q-o-q).EBITDA 0.9% higher than expectations:...
Altice Europe : Guidance resserrée vers le bas, en ligne avec notre a...
>Détérioration du CA en France - CA 0.5% en dessous des attentes : Le CA T2 Altice Europe est ressorti en baisse de 2.3% yoy hors effet TVA (vs -3.8% en publié et stable yoy à tcc au T1) avec une détérioration en France (-4.6% hors effet TVA et -6.6% en publié vs -1.1% au T1) et en Israël (-1.9% vs -0.9% au T1), mais avec un déclin moins marqué yoy et un rétablissement qoq au Portugal (-5.4% vs -6.5% au T1 et +1.8% qoq).Ebitda 0.9% au-dessus des attentes : L’E...
- Emira Sagaama
- Emmanuel Matot
- Fehmi Ben Naamane
- Hela Zarrouk
- Jeremy Garnier
- Jerôme Bodin
- Johanna Jourdain
- Oussema Denguir
- Stephane Houri
- Anis Zgaya
- Emira Sagaama
- Emmanuel Matot
- Fehmi Ben Naamane
- Hela Zarrouk
- Jeremy Garnier
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Oussema Denguir
- Stephane Houri
Altice Europe : Q2 preview more complicated than Q1. Target price lift...
>Further signs of improvement on churn and process - At the Q2 2018 results publication on 02 August, we are expecting further signs of improvement in France (60% of enterprise value), for example, on churn: a fall in complaints (improvement in the quality of the mobile network and more rapid installation of the box by subcontractors whilst respecting the 72h contract), more effective call- centre management (consultants’ script). Management will likely praise the inv...
Altice Europe : Preview T2 plus compliqué que le T1. Objectif relevé...
>Encore des signes d’amélioration sur le churn et les process - Lors de la publication du T2 18, le 02/08, nous attendons encore des signes d’amélioration en France (60% de la valeur d’entreprise) typiquement sur le churn : baisse des plaintes (amélioration de la qualité du réseau mobile et installation de la Box plus rapide par les sous-traitants en respectant le contrat de 72h), meilleure gestion des centres d’appel (script des conseillers). Le management devrait lo...
Altice : Customers up, ARPU down
In this report, we have analysed in depth the Q1 results that were published earlier in May. Customer conquest has improved but the adverse ARPU trends (driven by intense competition) let us think that there won’t be any quick fix, in line with what we wrote in November last year. On the positive side, management stated that the disposal programme (mobile towers in France/Portugal and Altice Dominicana) is progressing well. We estimate that
Altice : Customers up, ARPU down
In this report, we have analysed in depth the Q1 results that were published earlier in May. Customer conquest has improved but the adverse ARPU trends (driven by intense competition) let us think that there won’t be any quick fix, in line with what we wrote in November last year. On the positive side, management stated that the disposal programme (mobile towers in France/Portugal and Altice Dominicana) is progressing well. We estimate that
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