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
  • SectorFixed Line Telecommunications
  • CountryFrance

Analysts

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2019

...

Alexandre Iatrides

Iliad : Marked commercial rebound, public share buyback at € 120 financed by Xavier Niel, the hoped-for signal

>Excellent KPIs, revenues in line, return to growth across the group - Iliad has published quarterly figures at the top end of expectations, with a strong commercial rebound and a return to growth across the group. Group revenues were € 1.34bn vs € 1.33bn forecast, i.e. +8.1%, the activity in France posted growth of +3.3% for services (+2.4% excluding Jaguar) principally driven by the mobile segment with +6.3% and a return to growth in the fixed line +1.1% after ...

Alexandre Iatrides

Iliad : Fort rebond commercial, OPRA à 120 € financée par Niel, le signal espéré

>Excellents KPI, CA en ligne, retour à la croissance dans tout le groupe - Iliad a publié des chiffres trimestriels en haut de fourchette des attentes, avec surtout un fort rebond commercial et un retour à la croissance de l’ensemble des activités du groupe. CA groupe à 1.34 Md€ vs 1.33 Md€ attendus, soit +8.1%, la France publie +3.3% en services (+2.4% hors Jaguar) principalement tiré par les mobiles +6.3% et le retour à la croissance du fixe +1.1% après un T4 2...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- EN

Atlantia (O/P) - 9M-19: EBITDA of €5.7bn (+115%, +1% LfL) Telecom Italia (O/P): Debt Reduction, Development of Cloud Services In Partnership With Google Iliad (O/P): €1.4bn Share Buyback Offer, Financed By A Capital Increase by Xavier Niel Credito Emiliano - 9M-19: Net Profit of €158m (+4.5%) Mediobanca (O/P): Leonardo Del Vecchio's Shareholding Has Increased To Around 9.9% BPCE (O/P) - 9M-19: Pre-Tax Profit of €4.1bn (-5.5%) Expedia (O/P) - 9M-19: Operating Income of $743m (+20.2%) Arcelormittal (O/P): Fitch Affirms Its BBB- Ra...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19 Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital Credito Emiliano - 9M-19 : RN de €158m (+4,5%) Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9% BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%) Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+2...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- EN

Atlantia (O/P) - 9M-19: EBITDA of €5.7bn (+115%, +1% LfL) Telecom Italia (O/P): Debt Reduction, Development of Cloud Services In Partnership With Google Iliad (O/P): €1.4bn Share Buyback Offer, Financed By A Capital Increase by Xavier Niel Credito Emiliano - 9M-19: Net Profit of €158m (+4.5%) Mediobanca (O/P): Leonardo Del Vecchio's Shareholding Has Increased To Around 9.9% BPCE (O/P) - 9M-19: Pre-Tax Profit of €4.1bn (-5.5%) Expedia (O/P) - 9M-19: Operating Income of $743m (+20.2%) Arcelormittal (O/P): Fitch Affirms Its BBB- Ra...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19 Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital Credito Emiliano - 9M-19 : RN de €158m (+4,5%) Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9% BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%) Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+2...

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...

Alexandre Iatrides

Iliad : Marked commercial rebound, public share buyback at € 120 financed by Xavier Niel, the hoped-for signal

>Excellent KPIs, revenues in line, return to growth across the group - Iliad has published quarterly figures at the top end of expectations, with a strong commercial rebound and a return to growth across the group. Group revenues were € 1.34bn vs € 1.33bn forecast, i.e. +8.1%, the activity in France posted growth of +3.3% for services (+2.4% excluding Jaguar) principally driven by the mobile segment with +6.3% and a return to growth in the fixed line +1.1% after ...

Alexandre Iatrides

Iliad : Fort rebond commercial, OPRA à 120 € financée par Niel, le signal espéré

>Excellents KPI, CA en ligne, retour à la croissance dans tout le groupe - Iliad a publié des chiffres trimestriels en haut de fourchette des attentes, avec surtout un fort rebond commercial et un retour à la croissance de l’ensemble des activités du groupe. CA groupe à 1.34 Md€ vs 1.33 Md€ attendus, soit +8.1%, la France publie +3.3% en services (+2.4% hors Jaguar) principalement tiré par les mobiles +6.3% et le retour à la croissance du fixe +1.1% après un T4 2...

Thomas Coudry

ILIAD: Solid Q3 results and share buy back to support strong stock reaction | BUY | EUR133(+40%)

ILIAD - BUY | EUR133(+40%) Solid Q3 results and share buy back to support strong stock reaction All Q3 trends improving above expectations Massive share buyback guaranteed by Xavier Niel

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Germany: auditor dashes hopes for the MBA-MVNO accord

>Independent expert rejects a retroactive price cut - 1&1 Drillisch had asked, as its contract authorises, an independent auditor to examine the possibility of retroactively lowering the price paid for its access to Telefonica Deutschland’s network from September 2017. As the contract runs for 19 years, it called for an auditor to consider the market impact of the terms and conditions offered to the fourth entrant. In a draft statement, the auditor announced that he w...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Allemagne : l’expert jette un froid sur l’accord MBA-MVNO

>Un expert indépendant rejette la baisse de prix rétroactive - 1&1 Drillisch avait demandé, comme son contrat l’autorise, à mandater un expert indépendant pour revoir rétroactivement le prix payé pour son accès au réseau de Telefonica Deutschland à partir de la période septembre 2017. Son contrat durant 19 ans, il avait été prévu qu’un expert regarde les conséquences sur le marché des conditions offertes au 4ème entrant. L’expert a fait savoir dans un brouillon qu’il...

1 director sold

A director at Iliad Sa sold 3,000 shares at 101.000EUR and the significance rating of the trade was 51/100. 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 membe...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 25/10/2019

...

ILIAD SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ILIAD SA (FR), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 18, 2019, the closing price was EUR 92.06 and its potential was estimated at EUR 101.86.

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 : Prêt à rebondir ?

Les ratios de crédit ont souffert en 2018 d’un environnement fortement concurrentiel en France et des pertes originelles liées à l’entrée du groupe sur le marché mobile Italien. A cela s’ajoute une consommation de FCF record de -1.04 md EUR l’année dernière compte tenu d’investissements significatifs d’acquisition de fréquences (Italie), de déploiement de sites mobile (France + Italie) et d’extension de la couverture/raccordements d’abonnés dans la fibre (France). Nous tablons ce...

Pierre François Merveille

Iliad : Ready to rally?

Publication date 27/06/2019 11:22 - Writing date 26/06/2019 16:21 - Equity data - Equity analyst: Alexandre Iatrides - - +33 (0)1 44 51 81 44 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - / - - - Credit metrics were hurt in 2018 by a fiercely competitive landscape in France and start-up losses stemming from the group's entry into the Italian mobile market. In addition, record FCF of -€ 1.04bn was burned through last year, reflecting significa...

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch