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

Allan C. Nichols

Morningstar | Iliad Under Review

We are placing our fair value estimate for Iliad under review. We will publish an updated report and valuation by June 15.

Allan C. Nichols

Iliad Under Review

We are placing our fair value estimate for Iliad under review. We will publish an updated report and valuation by June 15....

ILIAD SA receives two new qualifications and slightly improves to Neutral

The independent financial analyst theScreener just changed two ratings for the qualification of ILIAD SA (FR), active in the Mobile Telecommunications industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 4 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 106.60 and its expected value was estimated at EUR 94.70.

Allan C. Nichols

Morningstar | As Expected, Iliad Reported a Return to Revenue Growth in 1Q; Shares Undervalued

After an abysmal 2018, as we expected, Iliad returned to revenue growth in the first quarter of 2019. Revenue grew 7.7% year over year versus our full-year projection of an increase of 5.5%. However, that growth isn’t as strong as it first appears, as it includes the acquisition of Jaguar Networks during the quarter, lapping no revenue from Italy last year, and contains a 30% increase in device sales that carry minimal margin. Iliad didn’t disclose margins, so we don’t know what impact those device sales had on profitability. For now, we don’t anticipate any significant changes to our EUR 143 ...

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...

Allan C. Nichols

Morningstar | Iliad Under Review

We are placing our fair value estimate for Iliad under review. We will publish an updated report and valuation by June 15.

Allan C. Nichols

Iliad Under Review

We are placing our fair value estimate for Iliad under review. We will publish an updated report and valuation by June 15....

Allan C. Nichols

Morningstar | As Expected, Iliad Reported a Return to Revenue Growth in 1Q; Shares Undervalued

After an abysmal 2018, as we expected, Iliad returned to revenue growth in the first quarter of 2019. Revenue grew 7.7% year over year versus our full-year projection of an increase of 5.5%. However, that growth isn’t as strong as it first appears, as it includes the acquisition of Jaguar Networks during the quarter, lapping no revenue from Italy last year, and contains a 30% increase in device sales that carry minimal margin. Iliad didn’t disclose margins, so we don’t know what impact those device sales had on profitability. For now, we don’t anticipate any significant changes to our EUR 143 ...

Allan C. Nichols

As Expected, Iliad Reported a Return to Revenue Growth in 1Q; Shares Undervalued

After an abysmal 2018, as we expected, Iliad returned to revenue growth in the first quarter of 2019. Revenue grew 7.7% year over year versus our full-year projection of an increase of 5.5%. However, that growth isn’t as strong as it first appears, as it includes the acquisition of Jaguar Networks during the quarter, lapping no revenue from Italy last year, and contains a 30% increase in device sales that carry minimal margin. Iliad didn’t disclose margins, so we don’t know what impact those dev...

Thomas Coudry

ILIAD: A CMD to restore Iliad’s growth stock status | BUY | EUR150 vs. EUR155 (+52%)

ILIAD - BUY | EUR150 vs. EUR155 (+52%) A CMD to restore Iliad’s growth stock status Gradual rerating expected as confidence returns Underestimated cash flow growth potential in France High ambitions in Italy, but profitable growth is still far ahead Upside potential in B2B untapped opportunities

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 ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2019

If the old stock market adage is to be believed, May traditionally heralds a period of profit-taking. This scenario is underpinned by low volumes, recurring outflows, a certain complacency (VIX and V2X at their lowest level) and, on the basis of a 5% growth in EPS, the inability to create additional potential without a significant reduction in the risk premium. At the same time, the valuation remains reasonable. What to do? 1/ Go long on volatility 2/ Closely monitor emerging markets ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2019

Si l’on se réfère aux adages boursiers, le mois de mai annonce une période de prise de profits. Militent en ce sens : des volumes faibles, des outflows récurrents, une certaine complaisance (VIX et V2X au plus bas) et, sur la base d’une croissance de 5% des BPA, l’incapacité à créer du potentiel supplémentaire sans réduction significative de la prime de risque. Dans le même temps la valorisation reste raisonnable. Que faire ? 1/ Etre long volatilité 2/ Regarder avec attention les marc...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

ILIAD SA receives two new qualifications and slightly improves to Neutral

The independent financial analyst theScreener just changed two ratings for the qualification of ILIAD SA (FR), active in the Mobile Telecommunications industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 4 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 106.60 and its expected value was estimated at EUR 94.70.

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.

Expert Corporate Governance Service (ECGS)

Iliad - AGM 21 May 2019

We note that in April 2019, Iliad's Chairman (Maxime Lombardini, its CEO until 21 May 2018) has been fined €600,000 for insider dealing over his sale of shares in the telecoms company weeks before they dropped during the failed 2014 takeover approach for T-Mobile USA. Iliad must pay €100,000 “for breach of its disclosure requirements” (/content/1d45e4e4-6a6f-11e9-a9a5-351eeaef6d84). ITEMS 6-14: The Company granted performance shares to its Chairman and executive officers for 2018. The company’s disclosure on their performance conditions is very good as targets to be achieved are disclosed. How...

Jehanne Leroy

Iliad - Assemblée Générale du 21 Mai 2019

Rémunérations La société a attribué des actions de performance à son Président et à ses dirigeants au titre de 2018. Si la communication de la société concernant les conditions de performance attachées à ces actions est particulièrement bonne puisque les objectifs à atteindre sont communiqués (et que ceux-ci semblent plutôt exigeants), on regrettera toutefois que 50% des actions à acquérir reposent sur des conditions de performance court-termistes car mesurées sur moins de 3 ans, ce qui ne respecte ni notre politique de vote, ni les pratiques de marché. Concernant la politique de rémunérati...

Illiad – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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...

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 ...

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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