Iliad S.A.

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.
  • TickerILD
  • ISINFR0004035913
  • ExchangeEuronext Paris
  • SectorSoftware & Computer Services
  • CountryFrance

Analysts

Thomas Coudry

Telecom: 2019 outlook for telecoms in France: key factors to watch

Telecom 2019 outlook for telecoms in France: key factors to watch Competitive environment could show slight improvement The door is opened for consolidation talks, but headwinds remain 5G frequencies throw additional uncertainties on the market The sector remains immune to some major macroeconomic risks

Allan C. Nichols

Morningstar | Iliad Should Benefit from Higher Pricing in Italy

Iliad is the second-largest broadband and fourth-largest wireless telecom operator in France. The broadband side has generated solid revenue growth, margins, and returns on capital as well as good name recognition. However, it is behind on moving broadband customers to fibre, which could create problems down the road.In January 2012, Iliad used its broadband base and name recognition to enter the French wireless market with very aggressive price offerings. While it was late entering the market, it did a nice job of exploiting weakness in the market and its wireless subscriber base is now almos...

Allan C. Nichols

Iliad Should Benefit from Higher Pricing in Italy

Iliad reported third-quarter revenue growth of 1.7% year over year, spot on with our full-year projection. We expect to maintain our EUR 143 per share fair value estimate and narrow moat rating. We believe the shares are undervalued. Revenue in France, excluding low-margin handset sales, declined 0.4%. Revenue increased 5% in its wireless division. The firm grew its subscriber base 1% to 13.5 million from the year-ago period, but its base actually declined in the third quarter. Iliad continues t...

Alexandre Iatrides ...
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/19/2018

...

Alexandre Iatrides

Iliad : Launch of Freebox confirms sharp rebound in gross-adds

>Website reports 45,000 Freebox Delta and Freebox One units sold in 10 days - The Univers Freebox specialist site notes that Free subscribers have found a way to track the number of orders for new Freebox One and Freebox Delta. Apparently, subscribers who requested the new Freebox found that the purchase order number increased with each new registration. It seems that the orders for the Freebox Révolution and Crystal are assigned a different order number, which would...

Pierre François Merveille

Iliad : A new bond to finance growth in Italy

>Iliad plans to issue a new bond with a seven-year maturity - Iliad (Oddo Shadow rating: BBB+/Stable) intends to issue a new benchmark bond with a seven-year maturity. Crédit Agricole CIB and Société Générale are the leads on this bond issue, whose proceeds will be used for general purposes, according to the group. We think they will mainly serve to finance the group's growth in Italy.Stable credit opinion maintained - Iliad enjoys strong earnings momentum in France and, despite a slowdown in top-line growth and net subscriber adds, profitability should improve thanks to economies of scale in...

Pierre François Merveille

Iliad : Une nouvelle obligation pour financer le développement en Italie

>Iliad souhaite émettre une nouvelle obligation à échéance 7 ans - Iliad (Shadow rating Oddo : BBB+/Stable) compte émettre une nouvelle souche obligataire benchmark d’une maturité de 7 ans. Crédit Agricole CIB et Société Générale sont les leads sur cette émission, dont le produit servira à des fins générales selon le groupe. Nous pensons qu’il sera essentiellement destiné à financer le développement du groupe en Italie.Nous conservons notre avis crédit Stable - Iliad profite d’une bonne dynamique de ses résultats en France, et même si les gains nets d’abonnés ont ralenti, le groupe devrait bé...

Thomas Coudry

Telecom: 2019 outlook for telecoms in France: key factors to watch

Telecom 2019 outlook for telecoms in France: key factors to watch Competitive environment could show slight improvement The door is opened for consolidation talks, but headwinds remain 5G frequencies throw additional uncertainties on the market The sector remains immune to some major macroeconomic risks

Allan C. Nichols

Morningstar | Iliad Should Benefit from Higher Pricing in Italy

Iliad is the second-largest broadband and fourth-largest wireless telecom operator in France. The broadband side has generated solid revenue growth, margins, and returns on capital as well as good name recognition. However, it is behind on moving broadband customers to fibre, which could create problems down the road.In January 2012, Iliad used its broadband base and name recognition to enter the French wireless market with very aggressive price offerings. While it was late entering the market, it did a nice job of exploiting weakness in the market and its wireless subscriber base is now almos...

Allan C. Nichols

Iliad Should Benefit from Higher Pricing in Italy

Iliad reported third-quarter revenue growth of 1.7% year over year, spot on with our full-year projection. We expect to maintain our EUR 143 per share fair value estimate and narrow moat rating. We believe the shares are undervalued. Revenue in France, excluding low-margin handset sales, declined 0.4%. Revenue increased 5% in its wireless division. The firm grew its subscriber base 1% to 13.5 million from the year-ago period, but its base actually declined in the third quarter. Iliad continues t...

Alexandre Iatrides

Iliad : Launch of Freebox confirms sharp rebound in gross-adds

>Website reports 45,000 Freebox Delta and Freebox One units sold in 10 days - The Univers Freebox specialist site notes that Free subscribers have found a way to track the number of orders for new Freebox One and Freebox Delta. Apparently, subscribers who requested the new Freebox found that the purchase order number increased with each new registration. It seems that the orders for the Freebox Révolution and Crystal are assigned a different order number, which would...

Alexandre Iatrides

Iliad : Le lancement des Freebox confirme un fort rebond des gross adds

>Univers Freebox rapporte 45 000 Delta et One vendues en 10 jours - Le site spécialisé Univers Freebox relève que des abonnés Free ont trouvé un moyen de traquer le nombre de commandes de nouvelles Freebox One et Delta. Apparemment les abonnés qui ont fait une demande pour la nouvelle Freebox ont constaté que le numéro de bon de commande s’incrémentait à chaque nouvelle inscription. Il semble que les commandes concernant les Freebox révolution et Crystal sont affublés...

1 director bought

A director at Iliad Sa bought 3,000 shares at 113.050EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Alexandre Iatrides ...
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/19/2018

...

Alexandre Iatrides ...
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/12/2018

...

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia

Global TMT: TSLA, AVGO, T, VZ, CMCSA, TMUS, ATUS, TNET, ILD, Indonesia Chris Hoare 0 chris @newstreetresearch.com

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Thanks to a better fundamental star rating, ILIAD SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to ILIAD SA (FR), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 23, 2018, the closing price was EUR 108.80 and its expected value was estimated at EUR 106.27.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pierre François Merveille

Iliad : Spending spree at Italy’s 5G spectrum auction

>Bids were much above expectations - Italy's 5G spectrum auction closed on Tuesday at the end of the 14th auction day, and is expected to raise € 6.55bn for the Italian government:. Telecom Italia and Vodafone will pay around € 2.4bn each for 2x10 MHz in the 700 MHz band, 80 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . Iliad will spend € 1.19bn for 2x10 MHz in the 700 MHz band, 20 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . ...

Pierre François Merveille

Iliad : Spending spree at Italy’s 5G spectrum auction

>Bids were much above expectations - Italy's 5G spectrum auction closed on Tuesday at the end of the 14th auction day, and is expected to raise € 6.55bn for the Italian government:. Telecom Italia and Vodafone will pay around € 2.4bn each for 2x10 MHz in the 700 MHz band, 80 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . Iliad will spend € 1.19bn for 2x10 MHz in the 700 MHz band, 20 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . ...

Thomas Coudry

Telecom services: Market data indicates very poor Bouygues + Iliad net adds in Q2

Telecom services Market data indicates very poor Bouygues + Iliad net adds in Q2 ARCEP’s latest mobile observatory published yesterday shows a sharp slowdown of postpaid market growth in Q2. Given the good numbers published by Orange and SFR, we forecast very poor mobile nets adds for Iliad and Bouygues Telecom cumulated in Q2. Nothing good to expect from the publications, but definitely another catalyst for consolidation.

Anaïs Dudout

Proxy Report - 16/05/2018

Proxinvest notes that remuneration for the Chairman, as well as for all the executives, has risen significantly due to the introduction of a long-term component (performance shares) in 2017. Having introduced a long-term component is a positive point for executives; however, this is contrary to Proxinvest voting policy regarding a Chairman’s remuneration (Resolution 10 to 17). Moreover, the performance period over which the performance conditions are assessed should be extended: Proxinvest considers that a minimum period of three-years should apply. Performance shares will vest in three unequ...

Anaïs Dudout

Proxy Report - 16/05/2018

Proxinvest note l'augmentation sans précédent de la rémunération des dirigeants de la Société au titre de l'exercice 2017 (Résolutions 10 à 17) : si le versement d'une rémunération actionnariale (sous forme d'attribution d'actions de performance) est appréciable s'agissant des dirigeants exécutifs de la société, elle ne l'est absolument pas pour le Président du Conseil d'administration. D'une manière générale, le montant de l'attribution apparaît excessif et déséquilibre la structure de la rémunération des dirigeants. Si l'instauration d'une rémunération actionnariale est un point positif, le ...

Etude de l'AG du 17/05/2017

We approve the proposed dividend of €0.44. Although not covered by free cash flow, the payout ratio is relatively low.Under the 2017 remuneration policy, the Company has the possibility to implement a variable compensation scheme for its executive directors. The current fixed-only structure is contrary to best practice as it does not compensate executives for longterm performance.

Etude de l'AG du 17/05/2017

Proxinvest approuve la proposition de dividende de 0,44 €. En effet, la distribution n'étant pas couverte par les flux de trésorerie libre, cela justifie un dividende peu élevé (0,86% des fonds propres). Dans la politique de rémunération de 2017, la société émet la possibilité de mettre en place une rémunération variable de long terme pour ses dirigeants, ce qui serait souhaitable selon Proxinvest. En effet, la structure actuelle de la rémunérations des dirigeants n'est pas satisfaisante car elle n'est composée que d'une rémunération fixe, ce qui exclu tout lien avec la performance du groupe.

Jérôme VINERIER

Short term view - ILIAD SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €114.90. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 114,90 € prochainement. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €89.54, then €73.31. Passing €151.26 would question the continuation of the fall.

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